Page Industries surged 5.17% to Rs 10,400 at 12:28 IST on BSE on buzz that a foreign brokerage initiated coverage of the stock with an overweight rating.
Meanwhile, the S&P BSE Sensex was up 52.05 points or 0.18% at 28,494.76.
On BSE, so far 1,849 shares were traded in the counter as against average daily volume of 1,653 shares in the past one quarter.
The stock hit a high of Rs 10,599.15 so far during the day, which is a record high for the counter. The stock hit a low of Rs 10,000 so far during the day. The stock hit a 52-week low of Rs 4,901 on 6 December 2013.
The stock had outperformed the market over the past one month till 3 December 2014, surging 11.21% compared with Sensex's 2.09% rise. The scrip had also outperformed the market in past one quarter, jumping 31.38% as against Sensex's 4.8% rise.
The large-cap company has equity capital of Rs 11.15 crore. Face value per share is Rs 10.
According to the brokerage, asset-light model and improving margins (better than peers in the apparel industry) of Page Industry have been driving coverage-high return on equities (ROE), reports said. The brokerage reportedly said that with India's per capita innerwear spending at just one quarter of the emerging market average, significant scope for market growth exists with Page Industries appearing healthily positioned given its strong brand presence, range of innovative introductions (driving healthy volume growth), planned further global brand launches and realisations.
Page Industries' net profit rose 21.9% to Rs 49.90 crore on 35.5% growth in net sales to Rs 389.64 crore in Q2 September 2014 over Q2 September 2013.
Page Industries is the exclusive licensees of JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY brand innerwear/leisurewear for men and women in India, Sri Lanka, Bangladesh, Nepal and 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 was set up in 1994 with the key objective of bringing the world renowned brand 'JOCKEY' to India
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