Raymond stock crosses ₹3,000 mark as gains extend for 4th straight day, up 618% in 3 years

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₹3,000 mark for the first time in today's intraday trade to hit another fresh all-time high of ₹3,030 apiece by gaining 9%. Remarkably, the stock achieved this milestone in just 10 weeks after crossing the ₹2000 mark.The rally in the stock has been fueled by a significant spike in delivery volumes over the last four sessions, averaging 200,000 shares compared to a typical 40,000.This surge in delivery volumes was attributed to several key factors: growth in the real estate business, prospects of the textile sector PLI scheme, expansion in their ethnic wear segment—a rapidly growing brand for the company—and improvements in the balance sheet.Also Read: Amara Raja stock gains 108% in CY24 so far; what lies ahead?Meanwhile, today's surge in shares has propelled them to achieve a 251% gain over the past two years and an impressive 618% increase in just three years.During FY24, Raymond Group sold its FMCG business and has now identified the core three businesses of lifestyle, real estate, and engineering as future growth pillars.The company aims for rapid expansion of its ethnic wear brand 'Ethnix by Raymond', with plans to open 100 stores in FY25 following the launch of 53 stores in FY24, bringing the total count to 114.

The Ethnix business is set for substantial growth, driven by the escalating scale of Indian weddings.Also Read: Penny stock turns multibagger in five years. ₹1 lakh turns to ₹2.36 croreAccording to a recent report by global brokerage firm Jefferies, the Indian wedding industry drives significant economic activity, with an average Indian spending twice as much on weddings compared to education.With 8 to 10 million weddings annually, India stands as the world's largest wedding destination.