Ambit retains 'sell' on Page Industries, target price Rs 19,250

Ambit has retained sell rating on Page Industries and cut target price to Rs 19,250 from Rs 20,600. The brokerage said it does not doubt Jockey’s dominance in male innerwear but market share gains may decelerate as credible options increase for consumers. Sharp consumption slowdown and multi-brand outlet distress will keep near-term margins under pressure given high channel incentives and discounts to clear inventory, said Ambit. Shares of Page Industries ended up 2.7% at Rs 22,185.20 on Tuesday.