Shares of Raymond Limited are likely to be on investors’ radar after the company, in its latest exchange filing today, said it is rapidly working on plans to expand manufacturing capacity in Andhra Pradesh through its subsidiaries. In the filing, the company said it is setting up an additional brownfield factory adjacent to its existing mega manufacturing plant to meet business growth and rising customer demand. The new facility is currently intended to expand production capacity to meet additional customer demand and increased orders during the current fiscal year.
In the filing, the company stated that it made this decision as part of its strategy to rapidly increase production to meet customer needs and maintain discipline in project completion and capital utilisation. Additionally, the company’s proposed greenfield project in Andhra Pradesh is also progressing as planned.
Sanjeev Sharma, Joint Managing Director and CEO of JKMPTL, a Raymond Group company, said the decision to expand capacity in Andhra Pradesh was taken in light of strong business growth. He added that the greenfield project will remain the cornerstone of the company’s long-term growth plan, while the additional brownfield facility will help meet existing customer demand more quickly.
Raymond Share Price
The company’s stock started the trading session in green at Rs 1,202.40 against the previous close of Rs 1,185.95. It gained further to touch the high of Rs 1,218.95, representing a gain of Rs 33 or 2.78 per cent. Last seen, the stock traded at Rs 1,154.45, down Rs 31.50 or 2.66 per cent. The market cap of the company stood at Rs 7,685.60 crore.
Company shared details about its subsidiary
Recently, the company informed the exchange in a filing that its subsidiary, JK Maini Global Aerospace Limited, was successful in a tender process conducted by a leading Indian aerospace and defence OEM.
Under this, the company is set to receive work for the assembly of wing structures and centre fuselage structures for a major indigenous fighter aircraft program. The company’s stock was trading at Rs 1,122.35, up 0.78 per cent or Rs 8.70 on the BSE, and on the NSE, the stock was trading at Rs 1,125, up 0.72 per cent or Rs 8.05.
ALSO READ
