Raymond Shares Surge as Textile Major Announces Real Estate Demerger

Shares of Raymond soared nearly 10% following the announcement of its real estate business demerger. This move is expected to unlock value for shareholders and boost growth. The company's stock hit a 52-week high, and the transaction promises one share of Raymond Realty for each Raymond Ltd share held.

Shares of Raymond saw a sharp rise of nearly 10 percent on Friday, buoyed by the company's announcement to demerge its real estate business.

The stock closed at Rs 3,233.05 on the National Stock Exchange (NSE), a significant jump of 9.97 percent. On the Bombay Stock Exchange (BSE), shares ended the day at Rs 3,226.70, up by 9.68 percent. During intra-day trades, Raymond hit its 52-week high of Rs 3,484 on both exchanges.

The decision to demerge aims to unlock shareholder value and tap into the growing Indian property market. Each Raymond Ltd shareholder will receive one share of Raymond Realty for every Raymond Ltd share held. The real estate division contributed Rs 1,592.65 crore, or 24 percent, to the company's total revenue last fiscal.

(With inputs from agencies.)