The stock of Page Industries Limited, the Indian franchise and maker of Jockey innerwear, were trading lower over 7 percent on the NSE, on Friday, even after the company reported a rise in net profit over 22 percent.
The company posted a strong set of numbers for the quarter ended Dec-FY19 registering a growth by 22.2% at Rs 101.9 crore in comparison to the matching quarter last year of Rs83.4 crore. Revenue from its operations has also advanced 18.9 percent from Rs621 crore in third-quarter FY18 to Rs738.3 crore for the quarter.
The lagging stock movement in Page Industries is reasoned caused by profit-booking in the stock in spite of healthy earning numbers. Also, another reason attributes for the falls in stock that the current downward trajectory is NEUTRAL stance on the stock by brokerage company Motilal Oswal that has set forth price target of Rs 25,755 per share.
As of 2.30 pm, Friday, shares of Page Industries touched low of Rs 21,865.35 per share and was quoting at Rs. 22,097.70 per share lower by 7.89 percent or Rs.1892 on the NSE, whose benchmark nifty at 10723-level down 22 points and Sensex at 35822-mark, down 53 points.