Raymond in limelight

Raymond is attracting some attention today. The company, which is quite a named in realty too, said that it has incorporated a step-down subsidiary Ten X Realty (TXRL) to carry on real estate business for the development of land and properties at Thane, Maharashtra.

To fund TXRL, Raymond will raise Rs.150 crore in more than one tranches over a period of time. Out of the said investment, the company will invest up to ?75 crore in the form of redeemable preference shares which would be subject such terms as may be finally decided and agreed.

The investment would be in form of equity, preference shares, debentures or others.

In Q2FY22, out of the net sales of Rs.819 crore, Rs.721 crore came from textiles, which remains its main fray while Rs.81 crore was from real estate.

The stock, which had closed yesterday at Rs.618.65, opened higher today at Rs.624 and went up to an intraday high at Rs.636. Its 52-week high is at Rs.708.