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Brokerage and research firm Ambit sees midcap stock Page Industries to likely upgrade to the largecap category in the Association of Mutual Funds of India (AMFI) semi-annual review, in which, the brokerage expects six new large-cap stocks (upgrades), 13 new mid-cap stocks (6 upgrades, 6 downgrades, 1 new listing), and 7 new small-cap stocks.

Page Industries is involved in manufacturing and retailing innerwear, and has the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International Ltd for the manufacture, marketing and distribution of the Speedo brand in India.

In Q2FY23, the company posted a net profit of 162 crore. The company had posted a net profit of 160.48 crore during the July-September period a year ago. While, its revenue stood at 1,255 crore higher by 16% from the year ago quarter. Meanwhile, the board also declared a second interim dividend of 70 per equity share for FY23.

Page Industries MD V.S. Ganesh had said, "We are well in line with our guidance of delivering robust growth on the back of strong levers such as increased shift in organised retail, increased branded innerwear demand, and growing aspirations for global brands. The company will continue to invest in capacity building, manpower, business process re‐engineering, digital outreach and advertising while building inventory."

The multibagger stock has rallied more than 17200% in 15 years since its listing in March 2007 when it was trading around 270 per share level to currently hovering above 47,000 level. Page Industries shares are up about 15% in 2022 (YTD) so far. The stock recently hit its all-time high of 54,262 per share in October this year. 

As per capital market regulator Securities and Exchange Board of India (SEBI), the listed stocks must be strictly categorized into baskets with a well-defined classification of largecap, midcap and smallcap stocks. This is to ensure uniformity in respect of the investment universe for equity mutual fund schemes.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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