For the fourth straight trading day, Raymond’s shares jumped higher on Monday, rising 8.66% in early trade to hit a new record high of ₹2,685 per share.
The announcement that the company’s real estate business had been selected as the “Preferred Developer” for the redevelopment of MIG VI CHS Ltd. in Bandra East was a trigger for this increase. The 2 acre project is expected to generate approximately ₹2,000 crores in revenue over the project period.
As of 1:01 PM, Raymond shares jumped 6.05% to Rs.2624.50 on NSE.
This is Raymond’s fourth project in Mumbai, demonstrating the company’s strategic expansion efforts in the real estate market. Raymond’s real estate business may greatly benefit from the project, which is perfectly located in a prime residential area of Mumbai.
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