Raymond hits record high; jumps about 14% in three days

Raymond spurted 10.23% to Rs 1506.65, extending gains for the third session.

Shares of Raymond have surged 13.76% in three sessions. The stock hit a record high of Rs 1518 today, 2 December 2022.

The stock had outperformed the market over the past one month, soaring 28.30% compared with 3.23% rise in the Sensex.

The scrip outperformed the market in past three months, climbing 54.37% as against Sensex's 6.92% rise.

The scrip had also outperformed the market in past one year, spurting 144.80% as against Sensex's 7.55% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 75.86. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1199.87, 1090.10 and 964.52, respectively.

Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabric and garmenting. Raymond forayed into realty sector through the launch of its maiden project TenX - an 'aspirational district' spread across 14 acres housing ~3,100 residential units and has recently launched a premium residential project - The Address by GS. Raymond also has presence in FMCG sector through Raymond Consumer Care that offers wide range of products in men's personal grooming category and personal hygiene.

On a consolidated basis, Raymond's net profit surged 198.25% to Rs 158.85 crore on 39.77% increase in net sales to Rs 2168.24 crore in Q2 September 2022 over Q2 September 2021.

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