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Raymond plunges as its textile manufacturing plant in Gujarat receives closure notice from GPCB

07 Mar 2013

Raymond is currently trading at Rs. 317.40, down by 8.45 points or 2.59% from its previous closing of Rs. 325.85 on the BSE.

The scrip opened at Rs. 327.45 and has touched a high and low of Rs. 327.85 and Rs. 315.50 respectively. So far 67969 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 488.90 on 11-Dec-2012 and a 52 week low of Rs. 306.80 on 04-Mar-2013.

Last one week high and low of the scrip stood at Rs. 338.70 and Rs. 306.80 respectively. The current market cap of the company is Rs. 1960.50 crore.

The promoters holding in the company stood at 39.93% while Institutions and Non-Institutions held 32.18% and 26.52% respectively.

Raymond’s textile manufacturing plant located at N.H. No.8, Khadki-Udwada, Taluka Pardi, Valsad district in state of Gujarat has received a notice of closure from the Gujarat Pollution Control Board (GPCB), for alleged violation of norms. GPCB has issued a similar notice to a few other manufacturing units operating in the vicinity of the company’s premises.

Pursuant to this, the company has temporarily suspended operations, at the said plant in compliance with the notice and has filed a revocation application with the concerned authorities. The company expects an early resolution in the matter.

Raymond is largest manufacturer of steel files in the world accounting 30% of market share. The company’s textile plants are located in Thane, Vapi and Chhindwara. These plants have received various certifications such as ISO 9001 for quality management systems and ISO 14001 Environment Control Systems.

Related Raymond Ltd. Links:

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