I-T dept carries out search at Raymond offices

The Delhi unit of the Income Tax department on Thursday conducted a search on textile major Raymond's offices in Mumbai and Delhi.

The search was conducted under Section 132 (search and seizure), said sources in the I-T department. The search was in connection with the textile business of the company.

When contacted, a company spokesperson said: “The income tax department had been at the Raymond Limited premises since the morning. As a responsible corporate, we are co-operating with the authorities in their search. It would be premature to discuss details at this point in time.”

Raymond announced it's financial result for the quarter ended September on October 19. The company reported a 24 per cent rise in net profit at Rs 81 crore in the second quarter, net sales were also up by 25 per cent, at Rs 978 crore.

It attributed its performance to higher realisation coupled with volume growth.

Raymond shares were down by 1.36 per cent at Rs 382.20 in Thursday's trade on the Bombay Stock Exchange.