Raymond zooms on land-sale buzz

Shares of textile major Raymond spurted by over 8 per cent in early trade on the BSE today amid media reports that the company is looking to sell 12 acres of factory land in Thane for about Rs 250 crore.

Reacting positively to the move, the stock jumped by 8.43 per cent on the Bombay Stock Exchange (BSE) to an early high of Rs 327 on anticipation that the company is finally taking a step into the realty venture it announced over a year-ago.

The scrip surged by 8.19 per cent on the National Stock Exchange as well, hitting an early peak of Rs 326.80.

On the volume front, over 9 lakh shares of the company were traded on the two bourses in the morning session.

According to media buzz, in September, 2009, the firm announced its maiden realty venture at Thane. However, the project was held up over the issue of compensation for the nearly 2,000-strong workforce at Raymond's Thane factory.

The company had initially planned options like developing the land by itself or in partnership before deciding to unlock some of its value through a part sale, it added.

The total land measures 125 acres, it said.

Meanwhile, the BSE benchmark Sensex was trading higher by 138.09 points at 18,644.91 at 10.00 hours today.