Raymond Ltd.'s real-estate arm has bagged two redevelopment projects in Mumbai, worth Rs 2,000 crore each.
Raymond Realty has emerged as the preferred developer to redevelop two residential projects in MIG VI CHS, in Bandra East. The projects have a revenue potential of Rs 2,000 crore each, the company said in an exchange filing.
This is the fifth project for the apparel company's real estate unit in Mumbai, outside of the existing project in Thane, the company said.
Previously, Raymond Realty had signed three joint development agreements for projects in Mahim, Sion and Bandra, with an estimated development value of over Rs 5,000 crore.
After addition of these projects, the Gross Development Value of projects under execution would be around Rs 7,000 crore in Mumbai city.
Shares of Raymond Ltd. jumped 8.63% to a record high of Rs 2,685. It was trading 6.64% higher at Rs 2,635.80 as of 11:04 a.m., as compared with a 0.26% advance in the NSE Nifty 50.
The stock gained 62.05% in 12 months and 54.11% on a year-to-date basis. Total traded volume so far in the day stood at 6 times its 30-day average. The relative strength index was at 75.47, which implied the stock is overbought.
Out of six analysts tracking the company, five maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.4%.
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