Indian textile co Raymond up after foray into aerospace, EV components

Raymond

03/11/2023 07:16

** Shares of India's Raymond  RYMD.NS  up as much as 2.93%
at 1,866.55 rupees, highest since Sept. 22
    ** Co announced Raymond Group to buy majority stake in
automotive firm Maini Precision Products  MAIP.NS  for a near
$82 mln deal 
    ** Deal marks textile maker's foray into aerospace, defense
and EV components business, co adds
    ** More than 288,471 shares changed hands by 12:35 p.m. IST,
1.3x 30-day avg  
    ** All 5 analysts eyeing the stock rate it "strong buy",
median TP is 2,346.50 rupees - LSEG data
    ** Stock last up 2.3%, taking YTD gains to over 26%

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