Raymond in the limelight
By
Research Desk
about 9 years ago
Raymond was up intra day at Rs.484.25, a rise of almost 4% though volumes remained muted.
The stock is up on unconfirmed news that the company is planning to sell 20% stake to foreign equity funds KKR and Blackstone. This money is being raised to fund expansions.
As there is no official word yet from the company, the stock exchange shave sought clarification on the same; reply is yet to come.
The company had ended Q4FY16 with it best quarterly performance - consolidated net profit of Rs.56 crore, up 162% (YoY) on a 8% rise in sales at Rs.1511 crore.
It has reduced its capex for current fiscal by Rs.50 crore to Rs.250 crore mainly towards capacity expansion, renovation of stores and capital machinery.