By Dwaipayan Roy
Raymond’s share price surged over 8% during today’s trade, the same day its real estate subsidiary, Raymond Realty Ltd (RRL), made its debut on the stock exchanges. The surge was fueled by expectations of value unlocking from RRL’s listing. The company’s shares opened at ₹717 in India today and later hit an intraday high of ₹771.40. The listing of Raymond Realty has had a positive effect on its parent company’s shares. The stock has gained some 25% in the last few days. The demerger and subsequent listing are seen as major catalysts driving this surge. Notably, Raymond Ltd had already witnessed a successful demerger and listing with its Lifestyle Business division. Raymond Realty is now an independent, debt-free real estate entity that has quickly become one of the top five developers in Mumbai Metropolitan Region (MMR). The company has a strong development pipeline and is well-positioned to tap into India’s urban renaissance. It listed at ₹1,055.20 on BSE and ₹1,000 on NSE today. In the last 52 weeks, Raymond’s share price has hit a high of ₹3,496 and a low of ₹523.10. The share has a Price-to-Earnings (P/E) ratio of 0.62 and a Price-to-Book (P/B) ratio of 1.14. The current market capitalization of the firm stands at ₹4,722.74 crore with a six-month decline of 55.37%.