Raymond Lifestyle Debuts on NSE at Rs 3,020; Stock Drops 5%
Raymond lifestyle Debuts on NSE at Rs 3,020; Stock Drops 5%
Raymond lifestyle, the newly demerged entity from Raymond Ltd, made its debut on the National Stock Exchange (NSE) today with its shares listed at Rs 3,020 and at Rs 3,000 on the bombay Stock Exchange (BSE). The new company encompasses the retail and lifestyle division of Raymond and represents the first step in the company's plan to establish three distinct publicly listed entities.
Upon listing, Raymond Lifestyle's stock fell by 5% to Rs 2,850, hitting the lower circuit limit for the day. Meanwhile, Raymond Ltd, the parent company, saw a slight increase in its share price to Rs 2,110 at the opening.
Raymond lifestyle officially separated from Raymond Ltd in July and has been trading without the lifestyle business component since then. The listing of Raymond lifestyle as an independent entity is anticipated to enhance shareholder value.
A notice on the BSE informed that, effective september 5, 2024, Raymond lifestyle Ltd (Scrip Code: 544240) is listed and admitted to trading in the 'T' Group Securities. This designation restricts intraday trading, requiring investors to take delivery of shares to sell them. Additionally, the circuit filter for the stock is set at 5% for the first 10 trading sessions.
Following this listing, the Raymond group now has two publicly traded companies. On July 4, the board approved a demerger of its real estate business into Raymond Realty, which will also be listed on stock exchanges after receiving the necessary approvals.
Ventura Securities has valued Raymond lifestyle at Rs 30,000 crore, suggesting a target price of Rs 4,927 per share. Over the past four years, Raymond has achieved a significant turnaround, becoming net debt-free ahead of its FY25 target and achieving a net cash position of Rs 200 crore.
Raymond lifestyle, the newly demerged entity from Raymond Ltd, made its debut on the National Stock Exchange (NSE) today with its shares listed at Rs 3,020 and at Rs 3,000 on the bombay Stock Exchange (BSE). The new company encompasses the retail and lifestyle division of Raymond and represents the first step in the company's plan to establish three distinct publicly listed entities.
Upon listing, Raymond Lifestyle's stock fell by 5% to Rs 2,850, hitting the lower circuit limit for the day. Meanwhile, Raymond Ltd, the parent company, saw a slight increase in its share price to Rs 2,110 at the opening.
Raymond lifestyle officially separated from Raymond Ltd in July and has been trading without the lifestyle business component since then. The listing of Raymond lifestyle as an independent entity is anticipated to enhance shareholder value.
A notice on the BSE informed that, effective september 5, 2024, Raymond lifestyle Ltd (Scrip Code: 544240) is listed and admitted to trading in the 'T' Group Securities. This designation restricts intraday trading, requiring investors to take delivery of shares to sell them. Additionally, the circuit filter for the stock is set at 5% for the first 10 trading sessions.
Following this listing, the Raymond group now has two publicly traded companies. On July 4, the board approved a demerger of its real estate business into Raymond Realty, which will also be listed on stock exchanges after receiving the necessary approvals.
Ventura Securities has valued Raymond lifestyle at Rs 30,000 crore, suggesting a target price of Rs 4,927 per share. Over the past four years, Raymond has achieved a significant turnaround, becoming net debt-free ahead of its FY25 target and achieving a net cash position of Rs 200 crore.