Meanwhile, the S&P BSE Sensex was down 107.86 points, or 0.31%, to 34,508.78.

On the BSE, 35,000 shares were traded in the counter so far, compared with average daily volumes of 31,000 shares in the past two weeks. The stock had hit a high of Rs 1,113.85 and a low of Rs 1,083.60 so far during the day. The stock had hit a record high of Rs 1,141 on 15 January 2018. The stock had hit a 52-week low of Rs 598.10 on 25 May 2017.

The mid-cap textile and apparel major has equity capital of Rs 61.38 crore. Face value per share is Rs 10.

Raymond said that the company's board of directors has approved development of 20 acres of land for residential purposes. The project is expected to be developed over a period of 5/6 years. The estimated project expenditure in FY19 will be in the range of Rs 300 crore. The company has secured major regulatory approvals and other construction related approvals are in process.

Raymond's net profit fell 40.6% to Rs 22.30 crore on 6.5% rise in total income to Rs 857.66 crore in Q4 March 2018 over Q4 March 2017.

The Raymond Group was incorporated in 1925 and is a textiles manufacturer. The company makes finest fabrics - from wool to wool-blended worsted suiting to specialty ring denims as well as high value shirting.