Pulak Prasad's Fund Reduced Stake in India’s 2nd Most Expensive Stock; Interim Dividend Announcement Soon!
Nalanda India Fund, a Singapore-based investment firm specializing in Indian equities and founded by Pulak Prasad
The Indian benchmark indices have not had the start to CY2025 that investors might have anticipated. As of January 15, 2025, the Nifty is down by 1.83 per cent, reflecting a challenging start to the year. Several factors contribute to this rocky beginning, with the most prominent being global macroeconomic pressures. The US Dollar continues to hover near its two-year highs, and the US 10-year treasury note has risen to levels not seen since October 2023. These developments have led to aggressive selling by Foreign Institutional Investors (FIIs), further dampening market sentiment.
Amidst the market turbulence, a significant corporate development has caught the attention of investors. Nalanda India Fund, a Singapore-based investment firm specializing in Indian equities and founded by Pulak Prasad, has reduced its stake in Page Industries, India’s second most expensive stock.
Page Industries is the exclusive licensee for Jockey International Inc. in India and neighbouring regions, including the UAE, Sri Lanka, Bangladesh, and Nepal. The company dominates the premium innerwear segment in India, with the domestic market accounting for 99 per cent of its revenues. Page Industries’ leadership in this segment has made it a favored stock among institutional investors - Nalanda India Fund.
As per the shareholding pattern for the quarter ended September 2024, Nalanda India Fund held a 6.9 per cent stake in Page Industries. However, by the end of December 2024, this stake had been trimmed to 5.6 per cent, marking a substantial reduction of 1.26 per cent in just one quarter. Despite this sell-off, Nalanda India Fund holds a 5.6 per cent stake.
The Board of Directors of Page Industries is scheduled to meet on February 5, 2025, to consider the financial results for the quarter ended December 2024. The meeting will also discuss the declaration of a third interim dividend for FY2024-25.
Meanwhile, the stock price of Page Industries has faced pressure, declining by 4.22 per cent over the past week.
Disclaimer: The article is for informational purposes only and not investment advice.