Raymond stock gains 6.5% on Thane land sale buzz

Shares of apparel maker Raymond surged 6.5% to close at 379.40 on Monday, after rising as much as 8% earlier during the day on speculation that the company was planning to sell its land in Thane.

The market buzz is that it will sell the 125-acre land at approximately 2,250 crore instead of developing it and some leading realtors are in the race to buy the land. Company officials could not be reached for comment on the matter.