Shares of Raymond, which saw surge in volumes in the past few sessions, jumped over 9 per cent to hit Rs 600 mark in trade on Monday amid rising volumes.
The stock jumped 9.13 per cent to hit a high of Rs 609.60 on BSE. A total of 2.53 lakh shares changed hands on the counter on BSE till 11.15 am, which were twice the average volume of 1.23 lakh shares for the past two weeks.
The stock has rallied from Rs 500 level on February 16, rising about 22 per cent. The prevailing price still remains quite far from 52-week high of Rs 654 hit in November last year.
According to recent report the company’s management was looking aggressively to scale up its branded business with focus on a franchisee-led asset-light model.
Sanjay Bahl, Group CFO, Raymond, said, "We will certainly grow at over 20 per cent in our branded apparel business and will reach the double-digit EBIDTA margin in the next 12-24 months."