Raymond shares rise up to 10% to hit 52-week high; stock up 200% in 6 months

According to fresh market updates, Raymond shares rose up to 10 percent in Tuesday's market session to hit a fresh 52-week high.

The stock hit the upper circuit limit of 10 percent in early session and touched a fresh 52-week high of Rs 1,193.40 per share on the NSE.

Later, some earnings booking emerged and the stock declined from the day's high. That stated, it continued to trade elevated at Rs 1,132.20 per share, up 4.36 percent.

The recent surge in Raymond shares comes ahead of the firm's Extraordinary General Meeting (EGM), scheduled for Saturday, October 3.

The meeting is anticipated to consider and approve key proposals, including the preferential offering of securities through private placement.

According to a BSE filing, Raymond plans to mobilize funds through the preferential allotment of 33.28 lakh convertible warrants. The warrants are proposed to be issued at Rs 645 per warrant and will be allotted on a private placement basis to Minerva Ventures Fund.

In the meantime, according to data available on BSE Analytics, shares of the firm have risen 204.28 percent in the last six months.