Raymond Shares Soar 17% on Real Estate Demerger News

Shares of Raymond surged over 17% following the announcement of a plan to demerge its real estate business. The move aims to unlock shareholder value and capitalize on growth opportunities in the Indian property market. Raymond shares hit a 52-week high during intra-day trade.

Shares of Raymond rallied more than 17 percent on Friday after the textile giant announced plans to demerge its real estate business. The strategic move is aimed at unlocking value for shareholders and tapping into the growth potential of the Indian property market.

The stock surged 17.30 percent to Rs 3,450.95 on the BSE, and 16.83 percent to Rs 3,434.75 on the NSE. During intra-day trading, Raymond shares hit a 52-week high of Rs 3,480.35 and Rs 3,484 on the BSE and NSE, respectively.

Despite this uptick in Raymond shares, the broader indices experienced a decline. The 30-share BSE Sensex fell by 357.95 points, or 0.45 percent, to 79,691.72, while the Nifty dropped 64.90 points, or 0.27 percent, to 24,240.05.

In its regulatory filing, Raymond Ltd confirmed that its board had approved the scheme of arrangement for the demerger, ensuring that each Raymond shareholder will receive one share of Raymond Realty for every share held in Raymond Ltd. The real estate division reported operational revenue of Rs 1,592.65 crore in the last fiscal, accounting for 24 percent of Raymond Ltd's total revenue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)