Shares of Raymond Ltd gained 19 per cent today amid a correction in the broader market today. Raymond stock opened lower at Rs 1364 today against the previous close of Rs 1366.80 on BSE. Later, it touched an all-time high of Rs 1,626.45, gaining 19% on BSE.
The surge in the stock comes amid high volume of shares traded on BSE today. Total 2.48 lakh shares of the firm changed hands amounting to a turnover of Rs 38 crore in the afternoon session. Raymond stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Shares of Raymond have gained 155.53 per cent in a year and risen 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 share has gained 34% since the firm announced its Q2 earnings.
The industry and textiles firm reported a stellar set of earnings on November 3. The firm reported over a two-fold rise in its consolidated net profit to Rs 161.95 crore in Q2 on improved growth across its business segments. It posted a net profit of Rs 56.15 crore during the July-September quarter of the previous fiscal. Revenue from operations climbed 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 surged 31.27 per cent to Rs 1,954.18 crore in the second quarter against Rs 1,488.64 crore a year back.
The company operates in the textile and apparel sector and other segments like consumer care, realty and engineering.
Meanwhile, Indian market snapped eight straight sessions of gains today. Sensex fell 451 points to 62,832 and Nifty lost 123 points to 18,689 in the afternoon session.