Page Industries goes up 2% on licence extension

Page Industries looked good on Tuesday with a gain of over 2 per cent on extension of its licence agreement with Jockey International.

The same is now valid till December 31, 2040.

The scrip was up 2.43 per cent at Rs 25,275.65 at around 9.35 am. The BSE Sensex jumped 100.77 points, or 0.28 per cent, to 35,793.29.

The company posted 41 per cent year-on-year growth in net profit at Rs 9,422.32 crore for the March quarter. Net profit stood at Rs 66.78 crore in the same quarter last year.

Revenue from operations increased to Rs 608.39 crore in Q4 FY18 over Rs 497.88 crore a year ago.

The scrip had hit 52-week high of Rs 25,779 on December 19, 2017, and 52-week low of Rs 15,089.20 on August 8 last year.

Motilal Oswal is bullish on Page Industries with a target price of Rs 28,200. It believes that EPS of the company may jump to Rs 423.20 in FY19 and Rs 564.50 in FY20. The figure came in at Rs 311.10 in FY18.