Meanwhile, the S&P BSE Sensex was up 329.97 points or 1.16% at 28,742.86.

On BSE, so far 24,000 shares were traded in the counter as against average daily volume of 27,080 shares in the past one quarter. The stock hit a high of Rs 478 and a low of Rs 465 so far during the day. The stock had hit a 52-week high of Rs 495 on 21 July 2016. The stock had hit a 52-week low of Rs 351.50 on 12 February 2016. The stock had outperformed the market over the past one month till 15 September 2016, advancing 10.01% compared with 0.93% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 0.12% as against Sensex's 6.31% rise.

The small-cap company has equity capital of Rs 61.38 crore. Face value per share is Rs 10.

Raymond's CEO Sanjay Behl was quoted as saying that through technological intervention the company is looking to scale down the number of jobs to 20,000 in its manufacturing centres in the next three years, from existing strength of about 30,000 people.

On a consolidated basis, Raymond reported net loss of Rs 16.61 crore in Q1 June 2016, higher than net loss of Rs 14.47 crore in Q1 June 2015. Net sales rose 4.8% to Rs 1057.36 crore in Q1 June 2016 over Q1 June 2015.

Raymond offers end-to-end solutions for fabrics and garmenting.