• Ambit sees Page Industries likely to upgrade to largecap category in AMFI half-yearly review
Brokerage and research firm Ambit Midcap Stock sees Page Industries likely to upgrade to largecap category in Association of Mutual Funds of India's (AMFI) semi-annual review wherein the brokerage expects six new large-cap stocks to (upgrade) , 13 new mid-cap stocks (6 upgraded, 6 downgraded, 1 new listing), and 7 new small-cap stocks.
Page Industries is involved in the manufacturing and retailing of innerwear, and is the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and the United Arab Emirates. It is also the exclusive licensee of Speedo International Limited to manufacture, market and distribute the Speedo brand in India.
In Q2FY23, the company posted a net profit of ₹162 crore. The company had posted a net profit of ₹160.48 crore during the July-September period a year ago. Whereas, its revenue stood at ₹1,255 crore, up 16% from the year-ago quarter. Meanwhile, the board also declared a second interim dividend of ₹70 per equity share for FY23.
MD of Page Industries V.S. Ganesh had said, "We are consistent with our guidance of delivering strong growth on the back of strong levers such as the shift in organized retail, increased demand for branded innerwear, and rising aspirations for global brands. The company will continue to invest in capacity building , manpower, business process re-engineering, digital outreach and advertising while building inventory."
The multibagger stock has gained over 17200% in the 15 years since its listing in March 2007, when it was currently trading at ₹270 per share, above the ₹47,000 mark. Shares of Page Industries are up nearly 15% so far in 2022 (YTD). The stock recently touched its all-time high of ₹54,262 per share in October this year.
As per capital markets regulator Securities and Exchange Board of India (SEBI), listed stocks should be strictly classified into baskets with a well-defined classification of largecap, midcap and smallcap stocks. This is to ensure uniformity with respect to the investment world for equity mutual fund schemes.
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