- By Aditya Pratap Singh
- Thu, 05 Sep 2024 11:56 AM (IST)
- Source:PTI
Raymond Lifestyle Limited's shares were listed on the stock exchange on Thursday following the demerger of its retail and lifestyle businesses. The stock opened at Rs 3,000 on the BSE. Subsequently, it rose 3.33 percent to Rs 3,100 from its opening price. The firm's shares began trading at Rs 3,020 on the NSE.
However, the stock later fell 5 percent to hit a low circuit level of Rs 2,850 on the BSE. It has also hit a lower circuit limit of Rs 2,869 on NSE.
The company had a market cap of Rs 17,363.23 crore at the time of morning trading. It will list on the stock exchange on September 5th, the company said in a statement on Tuesday. Following the demerger of the retail and lifestyle businesses, Raymond will have two listed entities.
The company plans to add 900 new outlets over three years. The lifestyle business entity of Raymond Group is aiming for a CAGR (Compound Annual Growth Rate) of 15 percent to capture around 7 percent market share in the fast-growing menswear wedding market by 2027, the release said.
"The demerger aims at unlocking shareholder value by creating a focused lifestyle business entity. Raymond Lifestyle will sharpen strategic focus in this fast-growing sector to become among the top three global fabric suppliers by the end of this year,' said Raymond Group Chairman.
"The global scenario presents significant opportunities, particularly the challenges in China and Bangladesh and trade agreements with the UK, EU, and Australia," Raymond Group Chairman and Managing Director Gautam Singhania said.