Raymond rallies 11% on PE fund infusion buzz

Raymond Ltd has rallied 11% at Rs 388 in opening trades on reports that the private equity (PE) arm of the world's biggest luxury products group, LVMH, is in talks with the company to invest about Rs 750 crore ($150 million) in Raymond Apparel.

Raymond Apparel owns brands such as Park Avenue, Parx and Notting Hill, which are sold at its exclusive retail stores The Raymond Shop and multi-brand outlets across India and West Asia and it is fully owned by Raymond Ltd, the report suggests.

A combined around 50,000 shares have changed hands on the counter on opening deals on both the exchanges.