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Raymond share price rises over 9% on sale of land parcel in Thane

Raymond share price has gained after three days of consecutive fall.

twitter-logo BusinessToday.In        Last Updated: October 9, 2019  | 14:15 IST
Raymond share price rises over 9% on sale of land parcel in Thane
Raymond stock has lost 1.76% during last one year and fallen 30% since the beginning of this year.

Raymond share price rose in trade today after an associate firm of the fashion retailer sold a 20 acre property in Thane for Rs 700 crore. Raymond share price has gained after three days of consecutive fall. The small cap stock opened 2.36% higher at Rs 560 compared to the previous close of Rs 547.10 on BSE today. It touched an intra day high of Rs 599.8 rising 9.63% on BSE. 

Raymond stock has lost 1.76% during last one year and fallen 30% since the beginning of this year. Raymond share price was trading above its 50-day moving average of Rs 568.28 but below its 200-day moving average of 705.13 levels, respectively.

JK lnvesto Trade (India) Limited (JKIT), an associate company of Raymond, sold a 20-acre land parcel in Thane to Elpis Ventures Private Limited which led to a spike in  Raymond stock price.

Raymond said JK lnvesto Trade (India) Limited (JKIT), an associate company of Raymond has entered into an agreement for sale (AFS) for its property measuring 78,310 sq. meters (20 acre) located at Village Panchpakhadi, Thane (West) with Elpis Ventures Private Limited, an affiliate of Virtuous Retail South Asia Pte Ltd for Rs 700 crore subject to payment of taxes, cost of approval as applicable.

Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited said, "The sale of JKIT land parcel is a major step towards our strategy of asset monetisation and value creation for our shareholders."

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