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Raymond surges over 8% on land-sale buzz

Raymond surges over 8% on land-sale buzz
PTI
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First Published: Fri, Feb 18 2011. 10 35 AM IST
Updated: Fri, Feb 18 2011. 10 35 AM IST
Mumbai: Shares of textile major Raymond spurted by over 8% in early trade on the Bombay Stock Exchange (BSE) on Friday amid media reports that the company is looking to sell 12 acres of factory land in Thane for about Rs250 crore.
Reacting positively to the move, the stock jumped by 8.43% on the BSE to an early high of Rs327 on anticipation that the company is finally taking a step into the realty venture it announced over a year-ago.
The scrip surged by 8.19% on the National Stock Exchange (NSE) as well, hitting an early peak of Rs326.80.
On the volume front, over 9 lakh shares of the company were traded on the two bourses in the morning session.
According to media buzz, in September, 2009, the firm announced its maiden realty venture at Thane. However, the project was held-up over the issue of compensation for the nearly 2,000 strong workforce at Raymond’s Thane factory.
The company had initially planned options like developing the land by itself or in partnership before deciding to unlock some of its value through a part sale, it added.
The total land measures 125 acres, it said. Meanwhile, the BSE benchmark Sensex was trading higher by 138.09 points at 18,644.91 at 10:00 am on Friday.
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First Published: Fri, Feb 18 2011. 10 35 AM IST
More Topics: Raymond | Shares | Land sale | Stock markets | BSE |