Raymond gains 5% on securing ₹2,000-crore Bandra redevelopment project

The stock traded 5% higher at ₹2,595 on the National Stock Exchange (NSE). Its market capitalisation stood at ₹17,277 crore.

It gained 4.8% on the BSE to ₹2,589 in the morning trade.

The project, which is spread across 2 acres in one of the most sought-after residential locales in Mumbai, has a revenue potential of ₹2,000 crore. The company said the redevelopment work will start after internal and external approvals.

Notably, this is the company's fourth project in Mumbai. In Thane, Raymond Realty has been developing its 100-acre land parcel by launching residential real estate projects.

"This is to inform that Raymond Limited (Real Estate Division) has been selected as the 'Preferred Developer' for the redevelopment of MIG VI CHS Ltd located in Bandra East. Spread across 2 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs. 2,000 crores over the project period," the company stated.

Raymond posted an 18% increase in consolidated net profit to ₹229 crore in the final quarter of the financial year 2023-24, as against ₹194 net profit in the year-ago period.

Consolidated revenue from operations stood at ₹2,699 crore, up 23% from ₹2,192 crore in the corresponding period last year.