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.
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