Stock market today: Raymond Lifestyle shares list at ₹3000, hits a 5% lower circuit; check details
Raymond Lifestyle debuted at ₹3000 on September 5 but dropped 5% to ₹2,850. The demerger of Raymond Group aims to enhance shareholder value by separating its lifestyle and real estate businesses.
Raymond Lifestyle, the demerged entity of Raymond, debuted at ₹3000 on Thursday, September 5, but soon fell 5 per cent to hit its lower price band of ₹2,850.
As Mint reported earlier, Raymond Group said on September 3 that shares of Raymond Lifestyle would be listed as part of the demerger plans of its lifestyle business. The textile major also said that after the formalities of demerger plans, the Raymond Group will have three listed entities -Raymond Limited, Raymond Lifestyle Limited and Raymond Realty Limited.
Raymond said in a regulatory filing to the BSE on September 3, ‘’As already intimated to the stock exchanges from time to time, Raymond Limited has demerged its lifestyle business to Raymond Lifestyle Limited (RLL) through a composite scheme of arrangement and as per the said Scheme shares of RLL are expected to be listed soon.''
Earlier, brokerage firm Motilal Oswal Financial Services pointed out that Raymond had been actively selling the FMCG business, separating the lifestyle business, restructuring the real estate business, and setting up an engineering unit post-Maini Precision acquisition. These actions are anticipated to generate shareholder value for each business through effective management, cash optimization, and cost optimization.
Raymond share price trend
Raymond share price has seen solid gains this year, surging 95 per cent year-to-date (till September 4 close). The stock hit its 52-week high of ₹3,493 on July 8 this year and its 52-week low of ₹1,487 on December 1 last year.
On Thursday, shares of Raymond opened at ₹2,110 against its previous close of ₹2,078.05 and fell 4 per cent to the level of ₹2,003.10. Around 11 am, the stock traded 3.18 per cent lower at ₹2,012.05.
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.