Shares of Raymond Ltd rallied 19 per cent today amid correction in the broader market. Raymond stock closed today at Rs.1364 as against previous close of Rs.1366.80 on BSE. Later, it touched an all-time high of Rs 1,626.45 on the BSE, up 19%.
The stock jumped amid high volume of shares traded on BSE today. A total of 2.48 lakh shares of the firm saw a turnover of Rs 38 crore in the afternoon session. Raymond stock is trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Raymond shares have gained 155.53 per cent in one year and 153.05 per cent in 2022.
The market cap of Raymond Ltd rose to Rs 10,552 crore on BSE. The stock hit a 52-week low of Rs 585.55 on December 20, 2021. However, the stock has gained 34% since the firm announced its second-quarter earnings.
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The industries and textiles firm reported a stellar set of earnings on November 3. The firm reported a two-fold increase in its consolidated net profit at Rs 161.95 crore in Q2, on better growth across its business segments. It had earned a net profit of Rs 56.15 crore during the July-September quarter of the last financial year. Revenue from operations grew 39.76 per cent to Rs 2,168.24 crore from Rs 1,551.32 crore in the corresponding quarter of the previous fiscal.
However, total expenses rose 31.27 per cent to Rs 1,954.18 crore in the second quarter from Rs 1,488.64 crore a year ago.
The company operates in the textile and apparel sector and other sectors such as consumer care, realty and engineering.
Meanwhile, the Indian market today snapped eight consecutive sessions of gains. In the afternoon session, the Sensex fell 451 points to 62,832 and the Nifty fell 123 points to 18,689.