Ace investor Mukul Agrawal saw a significant boost in his net worth today, thanks to the remarkable performance of the Raymond stock. The stock surged up over 12% to reach a new 52-week high of ₹2,240 on Tuesday.

Mukul Agrawal owns 1.65% or 1,100,000 shares of Raymond. So, on the previous day, when the stock closed at ₹1977.70, the value of his holding was ₹217.54 crore. Today, with the stock’s high at ₹2,240, his stake’s value surged to ₹246.4 crore.

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The surge in the stock comes today as Motilal Oswal and Jefferies initiated coverage on the stock with a ‘buy’ rating. Both research firms have a price target of ₹2,600 on the stock. The target indicates an over 30% upside from the stock’s last closing price of ₹1,977.70.

Jefferies said that the company’s focus on growth is visible across businesses. The research firm also added that the company has addressed investor concerns about debt and corporate structure.

Price Action: Raymond’s share price was trading 11.90% higher at ₹2,213 in the early hours of trading on Tuesday.

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Note: Artificial intelligence was used as a secondary aid in the writing of this article.