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Raymond gains after infusing capital in Raymond Luxury Cottons

Capital Market 

Raymond rose 0.94% to Rs 415.50 at 15:17 IST on BSE after the company infused Rs 61.68 crore in Raymond Luxury Cottons by subscribing to the further issue of equity shares.

The announcement was made during market hours today, 17 November 2015.

Meanwhile, the S&P BSE Sensex was up 112.33 points or 0.44% at 25,872.43

On BSE, so far 5,494 shares were traded in the counter as against average daily volume of 29,687 shares in the past one quarter.

The stock hit a high of Rs 419 and a low of Rs 410.40 so far during the day. The stock had hit a 52-week high of Rs 579.50 on 9 December 2014. The stock had hit a 52-week low of Rs 360.05 on 25 August 2014.

The stock had underperformed the market over the past one month till 16 November 2015, falling 9.57% compared with Sensex's 5.34% fall. The scrip had also underperformed the market in past one quarter, sliding 9.36% as against Sensex's 8.22% drop.

The small-cap company has equity capital of Rs 61.38 crore. Face value per share is Rs 10.

Raymond said that the company has infused Rs 61.68 crore (6.16 crore equity shares of Rs 10 each) in Raymond Luxury Cottons (RLCL) by subscribing to the further issue of equity shares. RLCL has allotted the equity shares and the investment of Raymond in the equity share capital of RLCL now stands at Rs 127.68 crore constituting 75.69% of the equity capital, Raymond said.

Raymond's consolidated net profit dropped 86.1% to Rs 9.44 crore on 2.5% increase in total income to Rs 1507.68 crore in Q2 September 2015 over Q2 September 2014.

Raymond offers end-to-end solutions for fabrics and garmenting.

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First Published: Tue, November 17 2015. 15:25 IST