Textile firm Raymond surged nearly 6 per cent on the Bombay Stock Exchange, a day after the company said it would pump in Rs 100 crore to open about 300 stores across the country by end-March 2011, as part of its expansion plans.
Shares of Raymond jumped to Rs 207.05, up 5.74 per cent on the BSE and the stock climbed 5.85 per cent to Rs 207.80 on the National Stock Exchange.
Yesterday, Raymond Chairman and Managing Director Gautam Singhania, said funding for the project would be split equally between the company and franchisors/franchisees.
Raymond expects its potential turnover to exceed Rs 200 crore from these stores on an annualised basis.
With the addition of about 300 store the total number of the outlets of the company would go up to 800.