Business: The stock of Raymond, a major garment sector company, rose sharply on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Tuesday. It jumped Rs 103.26 on the BSE to close at Rs 2111.20 and on the NSE it rose Rs 103.55 to close at Rs 2111.05. Raymond's shares have risen 16 percent in the last two weeks and 24 percent so far this year. A media report is being cited as the reason for this sudden surge on Tuesday. Due to this, BSE and NSE have now sought clarification from Raymond. 

Bloomberg's report caused turmoil in the market

According to a Business Today report, shares of Raymond Limited rose by 9 per cent to cross Rs 2182 in Tuesday's trading. In fact, a Bloomberg report claimed that Raymond Group is planning to list its apparel and real estate companies by the end of 2025. Stock exchanges BSE and NSE have sought clarification from Raymond after Bloomberg's report. According to NSE, information has been sought from Raymond Group on the listing plan. 

There were indications of separating the real estate business

Earlier, Raymond had indicated to separate its real estate business. This may take at least 15 to 18 months. After the demerger, only engineering business will remain under Raymond. Raymond Group recently decided to demerge Raymond Lifestyle. Raymond Lifestyle is expected to be listed on the stock exchange on September 5, 2024. The company has set a target of 12 to 15 percent revenue growth and doubling EBITDA to Rs 2,000 crore by FY 2028. 

Raymond Realty's Thane project has been successful 

On the other hand, Raymond's real estate business is growing rapidly due to the Pokhran Road project in Thane. Experts have expressed hope that Raymond Realty will grow at the rate of 25 percent annually. If the company goes ahead with its listing, then there is bound to be turmoil in the market.