Buy Raymond, target price Rs 1020: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on Raymond Ltd. with a target price of Rs 1020. The current market price of Raymond Ltd. is Rs 971.3. Time period given by analyst is Intra Day when Raymond Ltd. price can reach defined target.

Raymond Ltd., incorporated in the year 1925, is a Mid Cap company (having a market cap of Rs 6456.99 Crore) operating in Textiles sector.

Raymond Ltd. key Products/Revenue Segments include Textiles, Apparel, Income From Real Estate Development, Others for the year ending 31-Mar-2022.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 2031.74 Crore, up 8.60 % from last quarter Total Income of Rs 1870.88 Crore and up 44.36 % from last year same quarter Total Income of Rs 1407.45 Crore. Company reported net profit after tax of Rs 262.96 Crore in latest quarter.

Investment Rationale
Follow-up buying seen after the trend reversal on weekly frame and supports are shifting higher


Promoter/FII Holdings
Promoters held 49.12 per cent stake in the company as of 30-Sep-2021, while FIIs owned 7.25 per cent, DIIs 4.13 per cent.