Shares of Raymond Ltd on Tuesday surged 11.56 per cent to settle at Rs 1,798.65. The stock saw high trading volume on BSE as around 5.29 lakh shares changed hands today. The figure was way more than the two-week average volume of 20,000 shares. Turnover on the counter came at Rs 94.16 crore, commanding a market capitalisation (m-cap) of Rs 11,974.28 crore.
The company listed its apparel arm -- Raymond Lifestyle -- on bourses following demerger in September this year. Next, it plans to list its real estate unit by 2025 to boost shareholder value. "Raymond Lifestyle has outlined an ambitious growth strategy, projecting 12-15 per cent revenue growth and targeting a doubling of EBITDA to Rs 2,000 crore by FY28. The company's real estate division is showing promising performance. Raymond Realty anticipates maintaining a 25 per cent CAGR in sales booking, with embedded EBITDA margins exceeding 30 per cent," said Atul Parakh, CEO at Bigul.
On technical setup, a series of support on the counter could be seen at Rs 1,740, followed by Rs 1,670, Rs 1,665, Rs 1,648, Rs 1,620 and Rs 1,606 levels. Immediate resistance may be found at Rs 1,829 and a decisive close above the said level is required for further upside potential.
"The stock looks good on charts. One can consider buying at current levels or on dips towards Rs 1,750-1,760 levels. Keep a strict stop loss below Rs 1,740, expecting a target price of Rs 2,000 in the near term," Kiran Jani, Head of Technical Research at Jainam Broking, told Business Today.
"The Rs 1,850-1,900 zone is likely to resist the intermediate momentum, while a decisive breakout could trigger a fresh round of rally in the upcoming period. On the lower end, a series of support is placed at Rs 1,670-1,620 levels, while sacrosanct support lies around Rs 1,570," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"Support will be at Rs 1,665 and resistance at Rs 1,888. A decisive move above Rs 1,888 level may trigger a further upside towards Rs 2,000. The expected trading range will be between Rs 1,600 and Rs 2,000 for the short term," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi.
"Raymond stock price is bullish on daily charts with strong support at Rs 1,606. A daily close above resistance of Rs 1,829 could lead to an upside target of Rs 1,940 in the near term," said Sebi-registered research analyst AR Ramachandran.
"We recommend purchasing Raymond shares for a target price of Rs 2,062. Keep stop loss placed at Rs 1,648 from a short- to medium-term perspective," suggested Kushal Gandhi, Technical Analyst at StoxBox.
As of September 2024, promoters held a 48.87 per cent stake in the company.