InvestorQ : Why was the Raymond stock up so sharply in the market on the 09th of October?
Mitali Bhutta made post

Why was the Raymond stock up so sharply in the market on the 09th of October?

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Dawn Cherian answered.
3 years ago
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Raymond was up nearly 1% today and that was largely driven by their land parcel sale in the Thane district. In fact, an associate company of Raymond entered into an agreement for sale of its 20 acres Thane property to Elpis Ventures Private Limited for a consideration of Rs.700 crore. The land parcel is a prime property with great proximity to most key routes in Mumbai and Thane. The land parcel is located at Raymond Junction adjoining the Singhania School.

Apart from the significant advantage in terms of its location, this deal is important as it represents one of the largest commercial deals in this area. Of the deal still awaits regulatory clearances and approval. For the Raymond group the sale of land parcel marks a major step towards asset monetization and value creation for shareholders. That was the reason the shares received the news so positively.

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