Raymond spikes up on 'Blackstone' news

Raymond is up in the green today, at one time even figuring in the top 5 gainers on the BSE. After hitting an intra day high at Rs.486.80, the stock is now at Rs.481 levels, up almost 3%.

The spurt in the stock price is on account of unconfirmed news coming in that global private equity player Blackstone is in discussions with Raymond's engineering arm JK Files (India) Ltd for picking a controlling stake. There is talk of another strategic player aso picking up stake along with Blackstone.

JK Files (India) Limited, a subsidiary of Raymond Ltd is today the largest producer of files in the world. It has an impressive 32% global market share. At this juncture no valuation of this deal is known but it could most certainly mean more funds coming in for Raymond