India's Raymond jumps after housing project debut in Mumbai

Raymond

21/02/2024 08:29

** Shares of India's Raymond  RYMD.NS  up as much as 7.8% at
1,909.90 rupees - sharpest intraday gain since Sept. 5 
    ** Co's realty arm launched its first housing project in
Mumbai, with revenue generation estimated at over 20 billion
rupees ($241 million)
    ** More than 1.9 mln shares changed hands by 1:49 p.m. IST, 
 8x the 30-day avg 
    ** Stock sees busiest day since Dec. 1 
    ** RYMD currently trading at 1,894 rupees, 24% lower than
the median TP set by six analysts covering the stock; average
recommendation is equivalent to "strong buy" -LSEG data 
    ** Stock up ~11% YTD after a 17% rise in 2023 


($1 = 82.8750 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))