Raymond shares hit all-time high after being selected as 'preferred developer' for Bandra real estate project

The firm said that this will be the fourth project of the company in Mumbai city outside existing development at Thane. Representative image

Shares of Raymond Limited were trading at record-high on June 10 after its real estate arm was selected as the "preferred developer" for redevelopment of MIG VI CHS Ltd located in Mumbai’s Bandra East area, the company had informed the exchanges on June 8.

The stock price was trading at Rs 2,572, up by 4 percent on June 10 at 14:26 pm on NSE. The shares had touched an all-time high of Rs 2,685, before paring some gains. The previous close of the stock was Rs 2,471.65.

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“Spread across 2 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs 2,000 crore over the project period,” the company statement said.

The company said it will pursue the project after obtaining all the necessary internal and external approvals. “This is in line with the company's growth plans of real estate development in Mumbai Metropolitan Region.”

Raymond said that this will be the fourth project of the company in Mumbai city, outside the existing development at Thane.