Raymond Shares Gain As It Targets Rs 10,000 Crore Revenue In Fiscal 2024

Shares of Raymond Ltd. rose on Tuesday as it target a revenue of Rs 10,000 crore in the current fiscal.

"Being a zero-debt company is the beginning of a new journey for Raymond," Chairperson, Gautam Singhania, tweeted on Monday. "As we target Rs 10,000 crore revenue in FY24 – we are extremely confident of the journey that lies ahead of us."

Raymond became net-debt free after the demerger of its lifestyle business into Raymond Consumer Care Ltd., which it plans to list separately and focus on making it a pure play business-to-consumer lifestyle firm. It had also sold its fast-moving-consumer-goods business to Godrej Consumer Products Ltd. for Rs 2,825 crore in April.

Shares of Raymond were trading 0.15% higher at 1,897.15 apiece as of 11:31 a.m. compared to a 0.06% decline in the benchmark NSE Nifty 50. The stock rose as much as 1.62% to hit an intra-day high of Rs 1,925 apiece.

It has risen nearly 28.4% year-to-date. The relative strength index at 65.4.

All five analysts tracking Raymond maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 16.2%.