Raymond shares rise on investment plans for Amravati plant

NEW DELHI: Shares of Raymond advanced over 2 per cent in Wednesday’s trade after a report suggested that the company is going to invest Rs 1,400 crore in its new plant at Amravati in a phased manner.

Following the development, the scrip rose 2.05 per cent to Rs 713.55 on BSE. The stock opened at Rs 721 and touched an intraday high and low of Rs 721 and Rs 701.70, respectively, in trade so far.

According to a PTI report, the company has made an initial investment of Rs 200 crore in the first phase for the new unit that will produce linen, denim and cotton shirts among other. The facility will employ about 8,000 workers when fully operational.

The plant will be used to produce items to meet the demand of Raymond's own brands as well as for other third parties, the report added.

The stock had been trading low since the last few sessions and declined 5.91% in three sessions to Rs 699.25 on June 27, 2017 from its close at Rs 743.20 on 21 June 2017.

On the BSE, 61,000 shares were traded on the counter so far, as compared to a two-week average of 61,000 shares.