Raymond to go robotic
By
Research Desk
about 8 years ago
Raymond, in an interview with the media, stated that the company is planning to cut some 10,000 jobs across its manufacturing centers in India and this will be over the next three years. This is not downsizing for cost cutting – the company is doing so to replace humans with robots and more advanced and automated technologies.
This is also good for bringing down the costs, whether that was the main objective or not. Currently it employs some 30,000 people and this downsizing is expected to bring down the strength to 20,000.
The market is very enthused with this news and the stock price has perked up, rising some 2.5% to Rs.475 with an intra day high at Rs.480. Its 52-week high is at Rs.495.