Benchmark indices on Dalal Street today were trading on a cautious note, with Sensex hovering below 36,000-mark and Nifty 50 performing subduedly. However, there was one midcap stock which seems to have become a new favorite of investors on exchanges today, as there was massive buying sentiments. This stock of Page Industries, which is also one of the most expensive stocks in BSE, surged by more than Rs 1,100 on Sensex, making many investors rich. Interestingly, the outlook ahead for this company is robust, in fact one should decide to have a piece of Page Industries in current market scenario as a bullish stance awaits ahead. 

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At around 1230 hours, Page Industries was trading at Rs 23,022.05 per piece on Sensex higher by Rs 1,115.35 or 5.09%. Few minutes ago, the company even touched an intraday high of Rs 23,095. 

Being over a 24-year-old company, Page Industries has made many investors rich since the time it entered stock exchanges in 2007. The company which began its trading career at just Rs 600, has risen by a whopping 5,956% after posting an all-time high of Rs 36,335.95 on BSE last year. 

However, following the trend of markets, the price of Page Industries has also witnessed a correction in their valuation which makes this company quite appealing. Earlier, when it traded on its all-time high, Page was quite a expensive stock. However, now it looks like a new investment can be made in this company as it is seen to rise further by over Rs 3,500. 

"After delivering nine straight quarters of strong performance, PAG exhibited deceleration in earnings growth part of which can be attributed to the timing mismatch of the festive season in FY19 compared to the previous year.PAG remains a compelling investment case in the Indian consumer space, with better earnings growth potential relative to peers and the ongoing balance sheet improvement," analysts at Motilal Oswal said on this stock.

"Nevertheless, near-term valuations at 56.8x FY20E EPS leave little room for an upside from a one-year perspective. Note that valuations are at premium levels, despite assuming healthy 23.3% EPS CAGR over FY18-20. We, thus, believe that slower-than-expected execution going forward can pose downside risks," they said.

Based on the aforementioned proposition, analysts added, "We maintain our Neutral rating with a target price of INR26,535 (48x Dec’20E EPS, 15% discount to 3-year average)."

If we take into consideration today’s intraday high, then Page Industries is seen to rise by another Rs 3,440 in near term. 

Page Industries Limited located in Bangalore, India is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal and the UAE. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacture, marketing and distribution of the Speedo brand in India. 

JOCKEY is the company’s flagship brand and a market leader in the innerwear category. Page Industries and Brand Jockey have pioneered the innerwear industry on many fronts. The company has established the premium segment in the innerwear category in India through brand Jockey. The introduction of high quality products coupled with an organized and extensive network of distributors pan India has created a paradigm shift in the way consumers perceive innerwear in our country.