Raymond Group's Raymond Ltd., the Gautam Singhania-run business group's flagship-listed entity, started the day with cuts on the first day of the new fiscal year, FY 2025-2026.
Raymond's Realty Expansion
This comes to pass after the company announced a major residential project in Mumbai's Wadala.
The company, in an announcement made through an exchange filing, stated that Raymond Limited's 100 per cent-owned step-down subsidiary, Ten X Realty East Limited, has signed a Joint Development Agreement for a residential project in Mumbai's Wadala.
This project will be the first residential project that Raymond will be developing in Wadala, Mumbai.
This project, according to the group, is valued at Rs. 5,000 crore.
This is the 6th Joint Development project that was undertaken by the Company outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR).
According to Raymond, this Wadala project will take the overall Gross Development Value of the company's real estate projects to about Rs 40,000 crore.
How Did The Company Shares React To This?
This announcement was made on April 1, the first day of the new fiscal year. The company shares started on a negative note, as they opened at Dalal Street on Rs 1,395.70, lower than the previous day's (Friday) closing of Rs 1,402.95 per share.
However, that was not all for the grand old company, as its shares plummeted significantly, furthermore, in the opening hours of the day's trade.
At the time of writing, the decline in the company stocks amounted to Rs 19.65 or 1.40 per cent. This took the overall value of the company shares to Rs 1,383.30 per piece.
This expanded the overall losses suffered by the company stocks over the past few sessions, taking the losses in the recent 5 trading sessions to over 5 per cent.
The company's 52-week high mark stands at Rs 2,380.00 per share.
