Raymond jumps 10%, hits 52-week high on automation plan

NEW DELHI: Rising for the fourth consecutive session, shares of Raymond jumped nearly 10 per cent on Monday amid reports that the company is looking to replace 10,000 jobs with robots in next 3 years

The stock rose 9.91 per cent to hit a fresh 52-week high of Rs 524 on BSE.

At this price, the scrip is up 20 per cent in four sessions to Monday.

The company employs over 30,000 staff in their 16 manufacturing plants in the country, roughly 2,000 employees work in each plant.

“Through technological intervention we are looking to scale down the number of jobs to 20,000, through multiple initiatives in technology. One robot could replace around 100 workers. While it is happening in China at present, it will also happen in India," the Times of India reported.