Page 6 - Raymond

IiAS asks Raymond to appoint interim CEO, probe charges against Singhania

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked independent directors of Raymond Ltd to consider appointing an interim CEO and investigate the allegations of assault by its Chairman and MD Gautam Singhania on his wife and daughter, and the use of company funds for personal benefit. In an open letter to the company's five independent directors, IiAS also suggested they ask Singhania and his estranged wife Nawaz Modi, also a board member, to take time off from their responsibilities as board members. The five independent directors to whom the letter was addressed are Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy, and Shiv Surinder Kumar. Citing media reports, IiAS said Modi has alleged that she and her daughter were physically assaulted by Singhania in September 2023. She also alleged that company funds were being used for Singhania's personal benefit (CEO excesses) -- and that she was acting as a whistle-blower of sorts. "Despite such .

Proxy advisory firm urges Raymond's directors to probe assault allegations

CNBC TV 18 reported that Singhania has written to the company's board of the company assuring smooth functioning of business amid the ongoing separation with his wife

Business as usual in Raymond: CMD Gautam Singhania amid family feud

Amid issues in his personal life, Raymond Chairman and Managing Director Gautam Singhania has assured employees and board members that it is "business as usual" in the company and that he is fully committed to its smooth functioning. In an internal mail to the employees and the board members of Raymond, Singhania, who announced separation from his wife Nawaz earlier this month, said he has chosen not to comment on the reports in media "about matters pertaining to my personal life", saying "maintaining the dignity of my family is paramount to me". "However, I remain resolute as Chairman & Managing Director and am fully committed towards the smooth functioning of the company and its business. Even in these difficult times for me, I assure you that at Raymond, it is business as usual," he asserted in his mail. "As you all are aware that over the last couple of months, we have made significant strides towards growing our businesses exponentially and have had our best quarter in ...

Raymond loses Rs 1,500 cr market value after family feud breaks out

Nawaz Modi alleges corp governance lapses in the company

Billionaire Gautam Singhania's separation erases $180 mn at Raymonds

The stock has tumbled 12 per cent since Nov. 13 when Singhania announced separation from Nawaz Singhania, his wife of 32 years and a Raymond board member

Gautam Singhania's estranged wife, all details about Nawaz Modi Singhania

Gautam Singhania, the Chairman and Managing Director of the Raymond Group, has declared separation from his wife Nawaz Modi post 32 years of living together

Raymond's head Gautam Singhania announces separation from his wife Nawaz

Billionaire industrialist Gautam Singhania on Monday said he has separated from his wife Nawaz, in an announcement that comes amid speculation over the future of the 32-year relationship. Singhania, the chairman and managing director of Raymond, who's net worth is reported to be over Rs 11,000 crore, made the announcement over the microblogging platform X, saying it is not the same Diwali as in the past. The industrialist, who is helming the multi-decade group having roots in textiles and branched out into newer ones like real estate, said Nawaz, a fitness trainer, and he were together for 32 years as a couple. The couple has two children and Singhania said they grew together in their years of companionship and were a source of strength for each other. "We traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives," he wrote. The announcement came minutes after a video surfaced online which purportedly shows Nawaz allegedly not being allo

Raymond Q2 results: Net profit at Rs 161 cr, revenue up 4% to Rs 2,253 cr

Diversified group Raymond Ltd on Tuesday said its net profit was almost flat at Rs 161.16 crore in the second quarter ended September 2023. It had reported a net profit of Rs 161.95 crore in the July-September quarter a year ago, according to a regulatory filing from the leading textile and apparel maker. Its revenue from operations rose 3.92 per cent to Rs 2,253.40 crore during the quarter under review as against Rs 2,168.24 crore in the year-ago period. Total expenses of the Singhania family-controlled firm in the September quarter were at Rs 2,093.41 crore, up 7.12 per cent. "Raymond continues to attest its growth momentum with strong quarter-on-quarter performance and Q2FY24 was the 9th consecutive quarter that reported highest ever performance both in terms of revenue and EBITDA," the company said in an earnings statement. Raymond's total income in the September quarter was at Rs 2,320.66 crore, up 5.92 per cent. "The revenue grew by 6 per cent in the quarter to Rs 2,321 cr

Raymond Group to acquire 59% stake in Maini Precision for Rs 682 crore

The acquisition will be concluded through Ring Plus Aqua, a subsidiary of JK Files and Engineering

Raymond Group to acquire 59.25% stake in Maini Precision for Rs 682 cr

With this acquisition, Raymond's engineering business will emerge as a large‐scale provider of engineering, automotive, electric vehicle (EV), aerospace and defence components

Raymond secures redevelopment project in Mumbai, eyes Rs 1,700 cr revenue

Diversified group Raymond Ltd on Monday said its arm has bagged a redevelopment project in Mumbai with an estimated revenue potential of over Rs 1,700 crore. In a regulatory filing, Raymond Ltd informed that 'Ten X Realty Ltd, a step-down wholly-owned subsidiary of the company, has been selected as the preferred developer for redevelopment of Kumari Jethi T Sipahimalani CHS Ltd (also known as Navjivan Society) located in Mahim West, Mumbai. "Spread across 3.6 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs 1,700 crore over the project period," it added. The company said it would pursue this project post internal and external approvals. "This is in line with the company's growth plans of real estate development in the Mumbai Metropolitan Region and follows our first project outside Thane, in Bandra East, where we recently commenced construction," Raymond said. Earlier t

Raymond surges 10%, hits record high on healthy business outlook

Brokerage firm Motilal Oswal Financial Services has initiated coverage on the stock with a 'BUY' rating and a target price of Rs 2,600 per share

Raymond Group's Singhania takes on Maserati on safety, performance

Singhania also criticised the carmaker for failing to return his representatives' calls for over a week, questioning the level of customer service provided

GS Design to remodel cars into luxury vehicles, says Gautam Singhania

Singhania said unlike traditional restoration facilities that often take years to complete projects, GS Design will deliver the car within three months with full restoration

Stocks to Watch on Aug 14: Adani Ports, Nykaa, Raymond, PSU Banks, Biocon

Stocks to watch on August 14, 2023: Balrampur Chini, Delta Corp, Indiabulls Housing Finance, India Cements, Manappuram Finance and Zee among nine stocks in F&O ban period on Monday.

Raymond consolidated net profit jumps multi-fold to Rs 1,066.74 crore in Q1

Diversified group Raymond Ltd on Friday reported a multi-fold growth in consolidated net profit at Rs 1,066.74 crore in the June quarter, helped by gains from sales of its consumer business to Godrej Consumer Product Ltd (GCPL). The leading textile and apparel maker had posted a net profit of Rs 81.93 crore during the April-June period of the previous fiscal, Raymond said in a regulatory filing. Its revenue from operations rose 2.5 per cent to Rs 1,771.46 crore during the quarter under review as against Rs 1,728.14 crore in the year-ago period. During the June quarter, Raymond Consumer Care Ltd (RCCL), an associate company, sold its entire business, including all brands, to GCPL on a slump sale basis for a consideration of Rs 2,825 crore. However, the manufacturing location in Aurangabad for sexual wellness products was not part of the deal. Accordingly, Raymond's share in the profit from the sale of RCCL's business for the quarter ended June includes a gain of Rs 983.01 crore. It

High cotton prices, dull demand to keep textile stocks in check: Analysts

With cotton prices at home on the higher end versus global markets, analysts believe that the disparity is affecting India's global competitiveness in the near-term

Tata Group is India's most valuable brand, Infosys and LIC follow

With a value growth of 10.3% in 2023 as compared to 2022, Tata Group became the only Indian brand with a valuation of over $25 billion

Capacite Infra surges 21% in three days on winning Rs 224 cr Raymond order

Last month, the company had received order worth Rs 478.08 crore from Godrej Residency for construction of residential towers in Mumbai.

Raymond Q4 profit falls 26% to Rs 196.5 cr, income rises 10% to Rs 2,150 cr

Diversified group Raymond Ltd on Tuesday reported a 25.84 per cent decline in its consolidated net profit at Rs 196.48 crore in the fourth quarter ended on March 31, 2023, on account of exceptional items. The leading textile and apparel maker had posted a net profit of Rs 264.97 crore during the January-March period of the previous fiscal, Raymond said in a regulatory filing. However, its revenue from operations was up 9.8 per cent to Rs 2,150.18 crore during the quarter under review, as against Rs 1,958.10 crore in the year-ago period. Total expenses of the Singhania family-controlled firm were at Rs 1,939.27 crore, up 17.34 per cent from Rs 1,790.12 crore of the corresponding quarter. Its total income during in the March quarter was at Rs 2,192.20, up 7.89 per cent. "With Q4FY23, Raymond has demonstrated a strong revenue and profitable performance for six consecutive quarters," said Raymond in its earnings statement. During the quarter Raymond registered a loss of Rs 93.03 cro