Raymond stock zooms over 4% even as LIC reduces its stake to 3.51%

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Updated: September 7, 2017 12:23:18 PM

Shares of textile and apparel manufacturer advanced more than 4% on Thursday after the state-owned Life Insurance Corporation (LIC) reduced its stake in textile and apparel Raymond by 2.01%.

The stock of the fabric and fashion retailer Raymond rose as much as 4.21% to the day’s high of Rs 892.25 on BSE today.

Shares of textile and apparel manufacturer advanced more than 4% on Thursday after the state-owned Life Insurance Corporation (LIC) reduced its stake in textile and apparel Raymond by 2.01%. LIC sold 12.37 lakh shares in the open market over the period spanning from 11 October 2016 to 4 September 2017. LIC has brought down its shareholding in the company to 3.51% from 5.53% which it held earlier in Raymond. The stock of the fabric and fashion retailer Raymond rose as much as 4.21% to the day’s high of Rs 892.25 on BSE today.

Raymond promoters Vijaypat Singhania and his son Gautam are involved in a property dispute over possession of a duplex flat in the multi-storied JK House building in south Mumbai. In June, proxy advisory firm Institutional Investor Advisory Services (IiAS) had red-flagged the proposal saying Raymond’s promoters and their extended family are trying to buy the premium property in Mumbai from the company at throwaway rates which will result in loss of over Rs 650 crore to the company and its shareholders.

However, shareholders of the textile major rejected overwhelmingly the proposal for sale of JK House to its promoters and extended family at a substantial discount.

Meanwhile, Sensex and Nifty are trading marginally higher on Thursday tracking early gains in Asian stocks following a positive closing at Wall Street after US lawmakers agreed to extend the government debt limit which eliminated fears of a government shutdown. BSE Sensex gained 76 points to open at 31,738.74 points while NSE Nifty advanced 29 points to open at 9,945.85 points. Within minutes of trading, the benchmark Sensex rose 0.48% to the day’s high of 31,814.96 points and the broader Nifty 50 too added 0.49% to 9,964.85 points.

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