Raymond shares touched a day’s high of Rs 632 on the NSE Monday, rising nearly 4% after hiring an ex-BEL chief to lead its defence unit.

Srivastava has been named Chief Executive Officer, Defence, at Raymond, a newly created role as the company pushes into the defence and aerospace space.

He spent close to four decades at Bharat Electronics, most recently as its Chairman and Managing Director. At BEL, Srivastava’s track record was hard to ignore.

The company’s market value grew from around Rs 51,000 crore to Rs 1.5 lakh crore under his watch, and he helped secure more than Rs 55,000 crore in fresh orders while launching over 100 products.

His work spanned radar systems, naval and sonar technology, missiles, electronic warfare and communication systems.

At Raymond, he will be responsible for shaping the defence business’s overall strategy and roadmap, with a focus on expanding into areas like defence electronics, software, systems integration, and related aerospace and automotive technologies.

Raymond’s Chairman and Managing Director, Gautam Singhania, said India’s defence sector is entering a phase of strong growth and self-reliance, and that Srivastava’s experience running large, complex defence programmes made him the right fit to lead this push.

Srivastava, in turn, said he sees big opportunities in India’s growing focus on indigenous defence manufacturing.

This move is part of a broader shift for Raymond, which has been steadily diversifying beyond its traditional textile and lifestyle roots in recent years, with defence now forming a key part of that expansion plan.

Raymond shares closed at Rs 622.85 on the NSE, up 2.46% for the day, holding on to a solid chunk of the session’s gains.

Discover the next big investment! Tradz by EquityPandits’ IPO screener helps you identify promising initial public offerings. Download Tradz by EquityPandit and get ahead of the curve! Sign Up Now & Find Your Next IPO Gem!