Raymond shares zoom 9% in early trade; here’s why

Shares of Raymond Ltd gained 9 per cent today after the firm said it has appointed K. Narasimha Murthy as an independent director for five years. Sentiment around the stock was positive as Murthy is closely associated with turning around of many large corporates, focusing on systems improvement with cost reduction approach. At the end of December 2022, the company's gross debt stood at Rs 2,022 crore. Murthy (64) is a CA and CMA associated with the development of cost & management information systems for more than 175 companies covering more than 50 industries. 

Raymond stock opened higher at Rs 1496.40 today against the previous close of Rs 1493.90 on BSE.  Later, it gained 9.11% to Rs 1630, gaining 9.11% on BSE. 

Total 0.89 lakh shares of the firm changed hands amounting to a turnover of Rs 14.05 crore in the morning session.  Raymond stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Shares of Raymond have gained 69.88 per cent in a year and risen 5.05 per cent in 2023.   

The market cap of Raymond Ltd rose to Rs 10,264 crore on BSE. The stock hit a 52-week low of Rs 738.95 on May 12, 2022  and a 52 week high of Rs 1644 on December 16, 2022.  

The fabric maker said, “Pursuant to Regulation 30 of Listing Regulations, we wish to inform that based on the recommendations of the Nomination and Remuneration Committee, the Board of Directors of Raymond Limited vide a resolution passed through circulation have approved the appointment of Shri K. Narasimha Murthy (DIN: 00023046) as an Additional Director categorized as Independent Director for a period of five years with effect from April 21, 2023. The relevant details pertaining to appointment of Shri K. Narasimha Murthy pursuant to Regulation 30 of the Listing Regulations read with SEBI Circular CIR/CFD/CMD/4/2015 dated September 09, 2015 are enclosed.” 

The company operates in the textile and apparel sector and other segments like consumer care, realty and engineering. 

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