Shares of Raymond hit an all-time high of Rs 1,755, surging 9% on BSE in intraday trade on Thursday on a new report that Godrej Consumer Products (GCPL) is in advanced talks with the company over its consumer care businesses, including Park Avenue male grooming brand and Kamasutra condoms.

Raymond’s share price surpassed the previous high of Rs 1,644 on December 16, 2022. The stock has rallied nearly 50% over the past month, compared with a 4.7% gain for the S&P BSE Sensex.

Meanwhile, shares of Godrej Consumer Products fell nearly 3% to Rs 948.

Raymond Group, owned by the Singhania family, has sought to divest its consumer care business for more than two years because it considers it a non-core business in its portfolio, the Economic Times reported, citing people familiar with the matter.

The potential deal would give Godrej Consumer a bigger role in men’s personal care and sexual health, the report said. Shares of GCPL fell 3% to Rs 950 in intraday trade on the BSE. The stock hit an all-time high of Rs 944.45 on Monday, April 24, 2023.

Raymond is a diversified group with leading positions in the textile and apparel industry and fast-growing businesses in real estate, fast-moving consumer goods (FMCG) and engineering.

Raymond Group operates in the FMCG industry through its associated company, Raymond Consumer Care Limited (RCCL). The FMCG businesses of personal care, sexual health and home care were integrated into RCCL in FY19-20. This integration brings business synergies, operational efficiencies and channel distribution advantages.

RCCL is one of India’s top players in the fragrance and sexual wellness category, with coveted brands like Park Avenue, KamaSutra, KS and Premium across its personal care, sexual health and home care segments. Raymond Consumer Care also has a world-class condom manufacturing facility in Aurangabad, Maharashtra, with an annual production capacity of 400 million units.