Shares of Page Industries were in focus today after Emkay Global upgraded the scrip to ‘buy’ with a target price of Rs 50,500. The fresh target amounts to an upside of 16% to the previous close. Page Industries stock gained 2.3% to Rs 44,640 against the previous close of Rs 43,638 on BSE. Page Industries shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The stock opened higher at Rs 43,799.95 today.
The share has gained 11.65 per cent in a year and climbed 10.01 per cent since the beginning of this year. Total of 316 shares of the firm changed hands amounting to a turnover of Rs 1.40 crore on BSE. Market cap of the firm rose to Rs 49,688 crore.
The share hit a 52-week low of Rs 37,806 on June 22, 2022 and a 52-week high of Rs 54,262 on October 21, 2022.
In a report, Emkay Global said Page Industries stock has corrected 20 per cent from its October peak, likely led by expected moderation in growth in Q3 vis-a-vis recent quarters.
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Emkay said the moderation is partly owing to inflation-led slowdown in consumption and partly due to a high base (pent-up demand and channel filling on impending GST hike last year).
“Top line growth in Q4 should come back strongly, with reversal of the high base, delayed winters and better supply-chain management. Beyond near-term challenges, business fundamentals are relatively in a much better shape, with investments in capacity/distribution expansion, product innovations and backward integration (in-house manufacturing for Elastics and Cups for Women/Premium innerwear),” Emkay Global added.
Emkay said Page’s operational efficiencies should also improve, with better fill rates on new supply-chain solution and ARS implementation. The same is also reflected in retention of the medium-term outlook by Page Industries, despite near-term headwinds, it said.
Page Industries Ltd is an India-based company that is engaged in the business of manufacturing and trading garments. The company offers knitted garments. The company offers a range of products for men, women and children. It is engaged in the manufacturing, distribution, and marketing of Jockey products. It holds the license of SPEEDO, an international brand for swimwear.