Page Industries Ltd., the exclusive licensee of Jockey in India, saw its shares slip nearly 2% after global brokerage firm HSBC reaffirmed its reduce rating on the stock. HSBC has set a target price of ₹41,040 per share. As of 9:58 AM, the shares were trading 1.95% lower at Rs 44,470.00.
The brokerage expressed caution over Page’s growth prospects, highlighting that the company’s latest product launch, JKY Groove, reflects a move beyond its traditional core basics segment. However, HSBC believes this new initiative has limited growth potential.
According to the report, Page’s margins are already close to peak levels. With raw material costs stabilizing, the brokerage noted that rising employee expenses are adding further cost pressures. HSBC also trimmed its profit after tax (PAT) estimates by 3%, citing weak consumer demand that continues to weigh on the company’s performance.
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