Buy Page Industries, target price Rs 22,000: IIFL

IIFL has given a buy rating to Page Industries with a target price of Rs 22,000. The share price moved down by 1.05 per cent from its previous close of Rs 21,250.35. The stock’s last traded price is Rs 21,026.45.

Page Industries Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 23602.71 Crore) operating in Apparels sector.

Financials
For the quarter ended 30-06-2020, the company reported a Standalone sales of Rs 284.80 Crore, down 47.38 % from last quarter Sales of Rs 541.26 Crore and down 65.89 % from last year same quarter Sales of Rs 834.96 Crore. The Company reported net profit after tax of Rs -39.55 Crore in latest quarter.

Investment Rationale
Stock has given a channel pattern breakout on the weekly chart

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.