2 hrs ago
Raymond Shares Fall 6% After Aerospace-Fueled Rally
Raymond’s shares rose sharply after its aerospace business won new orders.
The shares had gained nearly 80% in a few weeks.
On Wednesday, some investors sold shares to lock in their profits.
This caused the stock price to fall by about 6%.
The shares traded between ₹938 and ₹1,060 during the day.
A technical analyst said the stock still has a positive trend but may experience more short-term selling.
Raymond said the new orders could bring about ₹33 crore in business each year.
The orders are for several aerospace manufacturing activities, including machining, castings and assemblies.
Raymond shares fell about 6% on Wednesday, 16 September, amid profit-booking after a sharp recent rally.
The stock opened at ₹996.10 on the BSE, reached ₹1,060, and fell to an intraday low of ₹938.
Technical analyst Sudeep Shah said the shares had gained nearly 80% in recent weeks and could face further near-term profit-booking.
Raymond’s aerospace subsidiary won multi-programme orders with estimated annual business potential of around ₹33 crore.
The orders cover precision machining, aerospace castings, structural components and complex assemblies for a leading Indian aerospace and defence company.
- Who
- Raymond Limited and its aerospace subsidiary; investors; and analyst Sudeep Shah of SBI Securities.
- What
- Raymond shares fell about 6% after a strong rally, while the company highlighted aerospace orders with estimated annual business potential of ₹33 crore.
- Where
- The shares traded on the BSE; the orders came from a leading Indian aerospace and defence company.
- When
- Wednesday, 16 September; the aerospace order announcement was made on the preceding Friday after market hours.
- Why
- Investors booked profits after the shares rose sharply, while the earlier rally was supported by the aerospace order win.
Near-Term Caution
Longer-Term Optimism
Share-price outlook
Near-Term Caution
The stock’s price, RSI and ADX appeared stretched, so further profit-booking could occur after the recent rise.
Longer-Term Optimism
The bullish bias may remain intact as long as the stock trades above the ₹870–865 support zone.
Reason for market action
Near-Term Caution
Investors reduced positions to lock in gains after Raymond shares rose nearly 80% in recent weeks.
Longer-Term Optimism
The rally was supported by strong trading volumes and the aerospace subsidiary’s new orders.
Business prospects
Near-Term Caution
The immediate share-price correction shows that strong momentum can be followed by volatility.
Longer-Term Optimism
Raymond said the orders strengthen its multi-year aerospace pipeline and support a larger high-precision aerospace and defence manufacturing platform in India.
Key facts
- Share decline
- About 6% during Wednesday’s trading session
- Opening price
- ₹996.10 per share on the BSE
- Intraday range
- ₹938 low to ₹1,060 high
- Recent performance
- Nearly 80% gain over the past few weeks
- Aerospace order potential
- Around ₹33 crore in annual business
- Order coverage
- Precision machining, aerospace castings, structural components and complex assemblies
- Technical support
- Sudeep Shah identified an immediate support zone of ₹870–865
Sources
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