India's Raymond at record high as Motilal Oswal, Jefferies start with "buy"

Raymond

05/09/2023 05:23

** Textiles maker Raymond's shares  RYMD.NS  jump 9.7% to
record high of 2,169 rupees
    ** Stock logs largest intraday pct climb since Dec 2022,
with trading vol 3x the 30-day moving avg
    ** Motilal Oswal and Jefferies start coverage with "buy"
ratings and identical 2,600 rupees targets, a Street high
    ** Now, all 6 brokerages covering RYMD rate it "buy" - LSEG
data
    ** Jefferies expects branded textiles business to grow
double digits over medium term
    ** Motilal Oswal says RYMD can become net cash after recent
sale of FMCG business
    ** Expects EBITDA margin to grow 15% over FY23-27, helped by
branded apparel, garmenting and real estate businesses
    ** Stock last up 7.6%, taking YTD gains to ~45%

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))