Page Industries Ltd’s shares fell 3 percent in intraday trade on Thursday to hit a low of Rs 37,400. The stock declined after gaining for four successive trading sessions.

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Shares of the textiles manufacturing and supplying company witnessed profit booking in the ongoing session after hitting a one-month high on Wednesday.

The stock has declined 9.5 percent over the last 12 months, and is currently trading nearly 30 percent below its 52-week high of Rs 54,262.3. The stock made a 52-week low of Rs 35,600.

Last week, brokerage firm Morgan Stanley initiated coverage on Page Industries with an overweight rating along with a target price of Rs 44,500 per share.

This target indicates a potential upside of 18.7 percent from the stock’s current trading price. The brokerage expects Page Industries’ shares to reach this mark over the following 30 days.

In the December quarter, Page Industries witnessed a 29 percent year-on-year fall in net profit at Rs 123.7 crore compared to Rs 174.6 crore in the year-ago period.

Sequentially, the figure declined 24 percent from Rs 162 crore in the September quarter.

The Jockey retailer in India saw earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins falling to 15.8 percent in Q3FY23 from 21.1 percent YoY and 19 percent in the preceding quarter, mainly due to lower absorption, advertising and manpower costs.

Shares of Page Industries are trading 2.9 percent lower at Rs 37,480.25.

(Edited by : Rukmani Krishna)