India's Raymond at record high on being preferred developer for project

Raymond

10/06/2024 05:22

** Shares of India's Raymond  RYMD.NS  jumps 5.6% to record
high of 2,610 rupees 
    ** Co's realty arm selected as "preferred developer" for
redevelopment of Mumbai project
    ** Project estimated to have revenue potential of over 20
bln rupees ($239.5 mln) over project period
    ** Analysts avg rating on RYMD is equivalent of "strong buy"
and median TP is 2,635 rupees -LSEG data
    ** Stock extends YTD gains to nearly 50% YTD, after a ~17%
rise in 2023
 
 ($1 = 83.4980 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))