Multibagger Stock: Raymond witnessed huge buying, rallies 7 per cent. Here’s what you need to know!

The stock has soared over 7 per cent on Thursday with humongous volume in the first half of trade itself,

Indian benchmark indices were seen trading flat on Thursday as Sensex and Nifty were trading with gains of 0.07 and 0.05 per cent, respectively.   

Talking about the sectoral indices’ performance, majority of the indices were trading in green led by Nifty Realty and Nifty PSU Bank. On the other hand, Top Losers were Nifty Pharma and Nifty Media.   

The broader markets continue to outperform the frontline indices with Nifty Midcap and Smallcap advancing 0.31 and 0.53 per cent, respectively. With the outperformance from the broader markets, the advance decline ratio is firmly in favor of bulls, with 1321 stocks advancing, while 507 stocks were seen declining.   

Amidst this strong breadth, there is one stock which has seen buying activity in initial hours of the trade, that is Raymond Ltd.   

Raymond Limited is a diversified group with interest in Textile & Apparel sectors as well as presence across diverse segments such as Real Estate, FMCG, Engineering in national and international markets.   

The stock has soared over 7 per cent on Thursday with humongous volume in the first half of trade itself, as the volume for the day has already surpassed its prior trading session volume and it is above its 10 and 30-days average volume. The strong move has led the stock a fresh 52-week high and on the daily chart the stock has so far formed a candlestick pattern which resembles to a Bullish Marubozu candlestick pattern.   

There is report in the markets floating that Chairman and Managing Director of Raymond Limited Mr. Gautam Singhania is likely to make a strategic announcement at 3:30 pm on Thursday.   

The stock, in the last one-month, has gained nearly 48 per cent, while, in the last one year and three years, the stock has given multibagger returns of 100 per cent and 607 per cent, respectively.