Raymond Group Stocks Jump Over 8.5% to Set New High: Preferred Developer for Bandra East Redevelopment Project
By News 24 Media
Published on June 10, 2024
Raymond Group, a well-known Indian textile and apparel company, has witnessed a remarkable surge in its stock price. On Monday, the shares of Raymond extended their winning streak for the fourth consecutive trading session, soaring another 8.66% in early trade to reach a new record high of ₹2,685 per share. What’s driving this impressive performance?
Preferred Developer for Bandra East Redevelopment Project
Raymond Group’s real estate division has been selected as the “Preferred Developer” for the redevelopment of MIG VI CHS Ltd. in Bandra East, Mumbai. This strategic project spans 2 acres and is strategically located in one of Mumbai’s prime residential areas. The company expects the project to generate revenue exceeding ₹2,000 crores over the project period. This marks Raymond’s fourth venture in Mumbai, underscoring its commitment to expanding in the real estate sector.
Financial Strength and Stability
Raymond Group’s healthy financials and stable rising revenue contribute to its attractiveness to investors. During FY24, the company sold its FMCG business and identified three core growth pillars: lifestyle, real estate, and engineering. The real estate division has been performing well, with revenue steadily increasing each quarter. In the March-ending quarter, the company reported a revenue of ₹677 crore from real estate, a 50% gain compared to the same period last year.
Raymond Group Stock Price Chart and Targets
Let’s take a look at Raymond’s stock price chart over the last five years:
- June 7, 2024: ₹2,471.65
- June 6, 2024: ₹2,295.60
- June 5, 2024: ₹2,161.80
- June 4, 2024: ₹2,153.20
- June 3, 2024: ₹2,263.15
Raymond Group Short-Term Target: Wall Street analysts forecast an average 1-year price target of ₹2,570.4, with a low forecast of ₹1,878.6 and a high forecast of ₹2,840.25. This suggests an 18% upside potential from the current price.
Risk Considerations
While Raymond Group’s prospects appear promising, investors should always assess associated risks. Factors such as market volatility, economic conditions, and industry-specific challenges can impact stock performance. Conduct thorough due diligence and consider your risk tolerance before investing.
In summary, Raymond Group’s stock surge, coupled with its real estate ventures, makes it an intriguing investment option. However, prudent investors should weigh the potential gains against the inherent risks.
Disclaimer: This article provides information based on available data and does not constitute financial advice. Always consult with a professional financial advisor before making investment decisions.
Note: The stock prices mentioned above are based on historical data and may vary at the time of reading. Please refer to real-time market data for the most up-to-date information.
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