Raymond hits new high
Raymond is the top gainer on the BSE, opening almost 1% higher at Rs.1623.90 and rose further up to hit a new 52-week high at Rs.1755.35, up 9%. It currently continues to trade around the same levels.
The stock price has surged on unconfirmed news that Godrej Consumer Products is likely to announce the acquisition of Raymond’s associate company, Raymond's Consumer Care (RCC) business.
Raymond has a 47% stake in RCC, which is holds brands like Park Avenue and KamaSutra. It had ended FY22 with a turnover of Rs.522 crore.
The Singhania group has been trying to sell off their stake in RCC for a couple of years now and this might be the moment when it finally happens.
There is no confirmation yet from either company so as of now, this is being treated as a ‘strong rumour.’