Raymond clarifies on media report; stock gains 5%

The information regarding party transactions carried by a media report is entirely misleading and misconstrued, the company said.

Feb 08, 2019 11:02 IST India Infoline News Service

Raymond
Shares of Raymond gained 5% in Friday’s session after it clarified that a media report alleging "curious transactions" by the Indian firm was "misleading."

"We reiterate that our related party transactions are undertaken in compliance with laws. We have taken appropriate approvals, made relevant disclosures and undertaken all related party transactions on an arm's length basis, which has been certified by independent reputed accounting firms," the company said in the regulatory filing.

“The information carried in the media story relating to related party transactions is entirely misleading and misconstrued. We categorically place on record that all Related Party transactions are transparently disclosed and are at arm's length in the ordinary course of business. Additionally, these are reviewed quarterly by Auditors and are subjected to annual review by competent professional firms for 'Arm's Length Price' test in accordance with Companies Act. Raymond Limited has regularly made all relevant related party disclosures in its Annual Report,” the company added.

Raymond Ltd is currently trading at Rs687.65 up by Rs32.2 or 4.91% from its previous closing of Rs655.45 on the BSE. The scrip opened at Rs660 and has touched a high and low of Rs709.95 and Rs659 respectively.

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