Page Industries at all time high; rises 6% in five days

6 Jan 2022 , 01:49 PM

Shares of the apparel maker have surged nearly 6% in five trading sessions from its previous closing low of Rs 39,397.65 posted on 30 December 2021. The counter hit a record high of Rs 42,113.90 intraday today. The stock has moved 54.2% higher from its 52-week low of Rs 27053.05 recorded on 29 January 2021.

In last one month, the stock moved nearly 9% higher as compared to a nearly 4.6% rise in Nifty 50 index.

On the technical front, the stocks RSI (relative strength index) stood at 66.416. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 39502.06 and 36502.94 respectively. These levels will act as crucial support zones in near term.

Page Industries is an Indian manufacturer and retailer of innerwear, loungewear and socks. It 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 for the manufacture, marketing and distribution of the Speedo brand in India.

The company reported 45% growth in net profit to Rs 160.5 crore on a 46% increase in revenue to Rs 1,084 crore in Q2 FY22 over Q2 FY21. EBITDA improved by 41% to Rs 233.4 crore in Q2 FY22 from Rs 165.4 crore in Q2 FY21. profit before tax in Q2 FY22 stood at Rs 214.8 crore, up by 47% from Rs 145.9 crore in Q2 FY21.

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