Raymond gets joint venture push

DALAL STREET SPIKES

The Raymond counter surged 3.26 per cent to Rs 353.4 as it announced that it has signed another joint venture agreement with MOB Outillage SA of France on Monday.

The stock which had been rallying since the past two weeks, hit an intra-day high of Rs 354.5. The board meeting held on April 28 had approved the agreement, which involves setting up a facility for manufacturing files and rasps in India, with an estimated project cost Rs 21 crore.

The textile company had entered into a joint venture with Lanificio Fedora -Italy's leading woolen fabric manufacturer. It had also announced plans of capacity expansion early in March this year.