Raymond Ltd saw its shares soar by 7.29% to Rs 2,649.75 after its real estate division was selected as the preferred developer for the redevelopment of MIG VI CHS in Bandra (East), Mumbai.

The project, sprawling over 2 acres in one of Mumbai's most coveted residential areas, is estimated to generate revenue exceeding Rs 20 billion over its development period. Raymond will proceed with the project following necessary internal and external approvals, aligning with the company's strategic expansion plans in the Mumbai Metropolitan Region.

Raymond, renowned for its worsted suiting fabrics and garments, also operates in precision engineering and real estate sectors. The company's latest financial results revealed an 18% increase in consolidated net profit to Rs 2.29 billion and a 21.32% rise in revenue from operations to Rs 26.08 billion for Q4 FY24, compared to Q4 FY23.

This significant development marks a pivotal step in Raymond?s growth trajectory in the real estate market, bolstering its portfolio and market presence in Mumbai.