Raymond shares give up early gains, settle over 1 pc lower

Shares of Raymond Ltd on Thursday gave up all early gains and settled over 1 per cent lower amid profit-taking.

In early morning trade, it had gained over 4 per cent after the company reported a multifold jump in its net profit at Rs 101.07 crore for the third quarter ended December 2021.

The stock jumped 4.37 per cent to its 52-week high of Rs 818.25 during the day on BSE. It later pared the gains and settled at Rs 779.10, lower by 0.62 per cent.

On NSE, it settled at Rs 775, a decline of 1.16 per cent after gaining 4.44 per cent during the day to a 52-week high of Rs 819.

Raymond Ltd on Tuesday reported a multifold jump in its net profit at Rs 101.07 crore for the third quarter ended December 2021, helped by improved performance across the segment.

The company had posted a net profit of Rs 22.18 crore during the corresponding quarter of the previous financial year, Raymond said in a regulatory filing.

Its revenue from operations during October-December 2021 jumped 48.25 per cent to Rs 1,843.39 crore, compared with Rs 1,243.44 crore in the year-ago period.

According to the company, it has reported the ''highest profitable quarter in the past 10 years'' and its revenue is now ''100 per cent of pre-COVID-19 levels''.

''In domestic markets, improved consumer sentiments and strong festive & wedding season demand across our B2C (business-to-consumer) businesses and strong momentum of export orders maintained in garments and engineering businesses helped in achieving growth in revenues,'' said Raymond in a post-earnings statement.

Equity markets were closed on Wednesday on account of Republic Day.