Page Industries zoom nearly 5% to hit new 52-week high; Citi reiterates 'sell' citing no near-term catalyst

Shares of Page Industries successful Friday's commercialized galloped to a caller 52-week precocious of Rs 47,500.1 apiece aft the famour Jockey brand-owner posted its Q2 net aft Q2 net aft marketplace hours connected Thursday.

At the past number astatine astir 11 am, shares traded higher by astir 5 per cent astatine Rs 47,288.3 per share, up Rs 2182.8 per share.

Global brokerages instrumentality connected Page Industries station Q2 show

CIti remains bearish connected the banal and has continued with its 'sell' telephone with a raised people of Rs 35,800 from the earlier Rs 33,100. The brokerage sees arsenic overmuch arsenic 21 per cent imaginable downside for the stock. The brokerage underscored that outgo power measurement astatine the institution led to EBITDA/PAT maturation of 21 per cent/30 per cent year-on-year.

This is adjacent though, measurement maturation astatine the innerwear and altheisure manufacture has been little astatine 6.7 per cent arsenic against Citi's estimates of 8 per cent. Also, the brokerage remains cautious with nary near-time catalyst besides arsenic determination is seen nary large betterment successful user sentiment.