Shares of Raymond Ltd slipped 7 per cent on profit-booking a day after Godrej Consumer Products acquired the fast-moving consumer goods (FMCG) business of Raymond Consumer Care for Rs 2,825 crore. In the previous session, the stock hit a 52 week high of Rs 1755.35 on BSE . It eventually settled over 6 per cent higher at Rs 1,717.35 on Thursday.
However, the Raymond stock opened lower at Rs 1710 today, further slipping 7.36% to Rs 1590.80 on BSE. The stock has fallen after 10 days of consecutive gain.
Total 0.73 lakh shares of the firm changed hands amounting to a turnover of Rs 11.96 crore in the morning session. Raymond stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Shares of Raymond have gained 93.16 per cent in a year and risen 9.17 per cent in 2023. The market cap of Raymond Ltd fell to Rs 10,659 crore on BSE. The stock hit a 52-week low of Rs 738.95 on May 12, 2022 .
In terms of technicals, the relative strength index (RSI) of Raymond stock stands at 83, signaling it's trading the overbought zone. Raymond stock has a one-year beta of 1.2, indicating very high volatility during the period. Raymond shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
On Thursday, Godrej Consumer said, “Raymond Consumer Care's FMCG business is being sold to GCPL along with the trademarks of Park Avenue (for the FMCG category), KS, KamaSutra and Premium, through a slump sale. The deal is expected to be completed by May 10, 2023.”
The company operates in the textile and apparel sector and other segments like consumer care, realty and engineering.
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