Raymond hits 52-week high; rises 23% in three days

Raymond jumped 5.94% to Rs 621.80, extending its winning run to third consecutive trading session.

November 24, 2021 1:27 IST | capital market
Shares of Raymond have surged 23.8% in three trading sessions from its previous closing low of Rs 502.15 posted on 18 November 2021. The counter hit a 52-week high of Rs 630.9 in intraday today. The stock has zoomed 103% from its 52-week low of Rs 305.20 recorded on 22 December 2020.

In last one month, the stock has moved 38% higher as compared to a 3% fall in Nifty 50 index. On the BSE, 2.62 lakh shares were traded in the counter so far compared with average daily volumes of 87,012 shares in the past two weeks.

On the technical front, the stocks RSI (relative strength index) stood at 83.695. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 200 days simple moving average placed at 470.63 and 406.61 respectively. These levels will act as crucial support zones in near term.

Raymond is Indias largest integrated suiting manufacturer that offers end‐to‐end solutions for fabrics and garmenting. It has one of the largest exclusive retail networks in the country with around 1,500 stores in more than 600 towns.

On a consolidated basis, the company reported a net profit of Rs 53.26 crore in Q2 FY22 as compared to a net loss of Rs 133 crore posted in Q2 FY21. Net sales jumped 130% to Rs 1,551 crore in Q2 FY22 over Q2 FY21.

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