Shares of Page Industries traded lower on November 19 after Macquarie remained bearish on the stock on weak margin performance.
The stock was quoting at Rs 23,380.00, down Rs 79.95, or 0.34 percent, on the BSE at 1003 hours IST.
The stock has gained 28 percent in the last three months but corrected 12 percent in one year period.
Macquarie has maintained its underperform rating on the stock, though it raised the target price by 24 percent to Rs 19,852 from Rs 16,000, implying 15.4 percent potential downside from current levels.
“The strong recovery in sales growth is positive, but sustaining this will be key. The Q2 was driven by early festivals & higher retail incentives, but there was margin pressure on higher retail incentives & inflation in operating cost,” said the brokerage.
It cut FY19-22 EBITDA estimates by 1-4 percent on account of lower margin, but increased FY19-22 EPS estimates by 3-9 percent on lower tax rate.
Page Industries is the licensee of Jockey International and Speedo in India and Sri Lanka.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/page-industries-share-price-declines-as-macquarie-remains-bearish_13193161.html