Raymond Ltd shares rose nearly 4 percent on Monday after the company appointed former Bharat Electronics Ltd (BEL) chief Bhanu Prakash Srivastava as the Chief Executive Officer of its defence business.
The stock climbed 3.97 percent to an intraday high of Rs 632 per share on the NSE. Later, it pared some gains and was trading at Rs 623.45, up 2.56 percent, at 12:25 pm.
In an exchange filing, Raymond said Srivastava has been appointed as Chief Executive Officer – Defence as part of the company's expansion into the defence and aerospace sector.
The company said Srivastava brings nearly four decades of experience at Bharat Electronics, where he held leadership positions across defence technologies, programme execution and organisational development.
He will lead Raymond's defence business and be responsible for its strategic direction, operational roadmap and growth plans, the company said.
Srivastava, during his tenure as Chairman and Managing Director of BEL, oversaw an increase in the company's market capitalisation from around Rs 51,000 crore to Rs 1.5 lakh crore, secured more than Rs 55,000 crore in new orders and led the launch of over 100 products. He also led programmes in radar, naval and sonar systems, missiles, electronic warfare and tactical communications, while promoting indigenous capabilities and setting up AI incubation centres.
At Raymond, he will focus on the company's long-term defence strategy and drive the expansion of its engineering capabilities into defence electronics, software, systems integration, and related aerospace and automotive technologies.
Commenting on the appointment, Raymond Chairman and Managing Director Gautam Singhania said India's defence sector is entering a new phase of growth and self-reliance, creating opportunities for companies with strong engineering capabilities.
He said Srivastava's experience in leading complex defence programmes and building organisations makes him well suited to lead Raymond's defence business.
Srivastava said he is joining Raymond at an important stage in its growth journey and sees significant opportunities arising from India's focus on indigenous defence manufacturing.
He said the company aims to build technology-led solutions, develop strategic partnerships and create a globally competitive defence business.
Srivastava is a mechanical engineering graduate from the Indian Institute of Technology (BHU), Varanasi, and has spent 39 years in India's defence manufacturing and technology sector across operations, research and development, marketing, naval systems and strategic programme execution.
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