Buy Page Industries, target price Rs 24,200: Edelweiss

Edelweiss has given a buy rating to Page Industries with a target price of Rs 24,200. The share price moved down by 0.44 per cent from its previous close of Rs 22,707. The stock’s last traded price is Rs 22,606.60.

Page Industries Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 25330.34 Crore) operating in Apparels sector.

Financials
For the quarter ended 30-09-2020, the company reported a Standalone sales of Rs 740.31 Crore, up 159.93 % from last quarter Sales of Rs 284.80 Crore and down -4.53 % from last year same quarter Sales of Rs 775.40 Crore Company reported net profit after tax of Rs 110.87 Crore in latest quarter.


Investment Rationale
Stock has given a range breakout supported by strong volumes. Also momentum indicator is trading above 60 level indicating strong momentum.

Promoter/FII Holdings
Promoters held 48.3 per cent stake in the company as of June 30, 2020, while FIIs held 26.2 per cent, DIIs 12.7 per cent and public and others 12.8 per cent.