Raymond Ltd shares soar nearly 20% after refocus on aerospace
Raymond Ltd.'s stock soared nearly 20% to a fresh 52-week high, bucking the market slump.
The company recently split off its lifestyle and real estate businesses, so now it's focused on aerospace, defense, precision technology, and auto components.
Raymond aerospace unit posts ₹123cr revenue
Raymond's Aerospace and Defense division pulled in ₹123 crore revenue this quarter, a solid 40.4% jump from last year, with strong profit margins.
This segment now makes up almost one-fifth of Raymond's total income.
With a hefty more than ₹5,960 crore order book for the next decade, things are looking up.
Raymond approves ₹214.71cr convertible warrants plan
Raymond's defense unit has disclosed its maiden build-to-spec order from a leading defence-aerospace OEM for specialized onboard storage systems.
Plus, the company has approved a fundraising plan of ₹214.71 crore through convertible warrants, subject to approvals, giving itself more firepower for future growth.