|
K. Narasimha Murthy's appointment as additional director designated as non-executive independent director of Raymond is effective from 21 April 2023. He is not related to any director of the company.
Murthy (64) has a strong academic background and has been involved in the development of cost and management information systems for over 175 companies. He has also been instrumental in turning around many large corporations by focusing on cost reduction through systems improvement. Murthy is currently on the boards of several national-level institutions and is associated with various high-level committees both at national and state levels. He has been recognized by the Institute of Cost & Works Accountants of India for his efforts in the furtherance of the Costing & Management Accounting Profession in India.
Shares of Raymond have surged 18.78% in seven straight sessions.
The stock had outperformed the market over the past one month, advancing 25.78% compared with 4.24% rise in the Sensex.
The scrip had outperformed the market in past three months, rising 1.40% as against Sensex's 1.66% decline.
The counter outperformed the market in past one year, sliding 70.30% as against Sensex's 4.84% jump.
On the technical front, the stock's daily RSI (relative strength index) stood at 75.91. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1299.11, 1384.28 and 1225.44 respectively. These levels will act as crucial support zones in near term.
Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabric and garmenting. Raymond forayed into realty sector through the launch of its maiden project TenX - an ‘aspirational district' spread across 14 acres housing ~3,100 residential units and has recently launched a premium residential project – The Address by GS housing ~550 residential units. Raymond also has presence in FMCG sector through Raymond Consumer Care that offers wide range of products in men's personal grooming category and personal hygiene.
Raymond's consolidated net profit fell 5% to Rs 94.84 crore in Q3 FY23 as against Rs 100.28 crore in Q3 FY22. Net revenue from operations increased 17.62% YoY to Rs 2168.16 crore in the quarter ended 31 December 2022.
|