InCred Equities initiates coverage on India's Raymond with 'add'

Raymond

04/07/2023 07:20

** InCred Equities initiates coverage on Raymond Ltd
 RYMD.NS  with "add" rating and PT of 2,200 rupees 
    ** Stock rose as much as 2.94% at 1,763 rupees, highest
since June 19; currently up 1.3%
    ** Textile firm on track for third consecutive session of
gains
    ** Co well-placed for growth, led by changes in its
leadership and focus on improving business health - InCred
Equities 
    ** Adds, sale of non-core FMCG portfolio at rich valuation
has driven the Raymond Group to a net debt-free status
    ** Sees its demerger into two separate pure-play listed
entities post re-structuring to create additional value for the
group 
    ** Sees input costs, subdued demand environment and changes
in its core category as downside risks
    ** Trading volume is 132,219 shares as of 11:31 a.m. IST,
0.7x the 30-day average
    ** Stock up 16.5% this year as of last close 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))