Shares of Page Industries fell 15% in early trade after the clothing company reported a 59% YoY drop in net profit for Q4 2022-23. Revenue from operations was also down 13%. Brokers had mixed opinions on the stock’s outlook with Morgan Stanley maintaining its ‘Overweight’ stance and setting a price target of INR43,068, Kotak Institutional Equities recommending a ‘Sell’ rating and a price target of INR33,000 and Nuvama downgrading the stock from ‘Hold’ to ‘Reduce’ and setting a price target of INR36,800. Despite the company’s weak performance, its board declared a fourth interim dividend of INR60 per equity share.
Big movers on D-Street: What should investors do with Wipro, Infosys and LTIMindtree?
Benchmark Sensex fell for the third day, dropping nearly 495 points amid foreign fund outflows. Key stocks in focus included Wipro, Infosys, and LTIMindtree. Technical