Raymond Ltd shares gain after earnings surge

Updated: Jan 23 2014, 23:53pm hrs
RaymondRaymond reported net profit of 569 million rupees for quarter ended December 31.
Shares in Raymond Ltd rose as much as 5.42 per cent after the textiles maker reported late on Wednesday a more than four-fold increase in its October-December quarter net profit.

Raymond reported a net profit of 569 million rupees ($9.20 million) for the quarter ended Dec. 31, 2013, compared with 128 million in the same period a year earlier.

Earnings were aided by strong margin improvements in the textile and the branded apparel segments, analysts with brokerage Sharekhan said in a note.

Shares in Raymond were up 3.47 per cent at 310.50 rupees at 0503 GMT.