India's Raymond at over 2-year high as profit jumps nearly fivefold

Raymond

27/01/2022 05:05

** Shares of apparel maker Raymond Ltd  RYMD.NS  rise as
much as 4.44% to 819 rupees, their highest since Nov 2019
    ** Co reported on Tuesday a nearly five-fold jump in
Dec-quarter profit, helped by improved consumer sentiment,
strong festive and wedding season demand  urn:newsml:reuters.com:*:nFWN2U50O7
    ** Known for its namesake Raymond brand, co said it
continued focus on reduction in overall operating cost in Q3 by
1.02 bln rupees  ($13.56 mln)
    ** Raymond said its business sales achieved pre-COVID 19
levels
    ** Branded textile segment sales reported strong growth of
49% in Q3
    ** Co also approved spin-off of real estate business
division into a unit
    ** About 1.8 mln shares change hands vs 30-day avg of
950,221
    ** Raymond shares up 28.3% in Jan after gaining 84% in 2021

    ($1 = 75.2300 Indian rupees)
    

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))