 "Page Industries dips on stake sale by promoters")
Page Industries has dipped 11% to Rs 10,321 on the National Stock Exchange (NSE) in intra-day trade after the company said that their promoters have sold nearly two percentage point stake of the company during current month through open market.
“The promoters and directors of the company i.e. Mr. Sunder Genomal, Mr. Nari Genomal and Mr. Ramesh Genomal have sold collectively 222,500 equity shares of 2.01% stake of the company on March 10 and March 18,” Page Industries said in a statement.
Smallcap World Fund Inc bought 162,500 shares of Page Industries at Rs 11,600 on March 18, the NSE bulk deal data shows. The name of remaining buyers not ascertained.
Post transaction, total promoters holding in the company declined to 49% from 51% at the end of December 2015 quarter.
However, thus far in the current month, the stock has outperformed the market by gaining 17% as compared to 10% rise in the Nifty 50 index till yesterday.
Page Industries exports an underwear and sportswear worldwide. Its customers include Jockey licensees in Europe, Middle East, and Asia, Jockey UK, Jockey USA, as well as other top class underwear brands.
At 11:28 AM, the stock was down 6.4% at Rs 10,809 as compared to 0.53% decline in the benchmark index. A combined 29,212 shares changed hands on the counter on the NSE and BSE.
“The promoters and directors of the company i.e. Mr. Sunder Genomal, Mr. Nari Genomal and Mr. Ramesh Genomal have sold collectively 222,500 equity shares of 2.01% stake of the company on March 10 and March 18,” Page Industries said in a statement.
Smallcap World Fund Inc bought 162,500 shares of Page Industries at Rs 11,600 on March 18, the NSE bulk deal data shows. The name of remaining buyers not ascertained.
Post transaction, total promoters holding in the company declined to 49% from 51% at the end of December 2015 quarter.
However, thus far in the current month, the stock has outperformed the market by gaining 17% as compared to 10% rise in the Nifty 50 index till yesterday.
Page Industries exports an underwear and sportswear worldwide. Its customers include Jockey licensees in Europe, Middle East, and Asia, Jockey UK, Jockey USA, as well as other top class underwear brands.
At 11:28 AM, the stock was down 6.4% at Rs 10,809 as compared to 0.53% decline in the benchmark index. A combined 29,212 shares changed hands on the counter on the NSE and BSE.