Making hay...

The Genomals have been continue selling their shares, albeit in small quantities

Analysts may scream “buy”; fund managers may sit pretty on their holdings; and the stock price may rise, rise and rise. But none of that is enough to stop the promoters of Page Industries, the exclusive licensees of the Jockey brand of innerwear in India, from selling their own holdings. The Genomals have been continually selling their shares, albeit in small quantities, since 2009 when the stock began its ascend from sub-₹500 levels. From an overall holding of 65% in June 2009, the key promoters, led by Sunder Ashok Genomal, Nari Genomal and Ramesh Genomal, have pared their stakes to 57.36% as on September 2013, making the most of the rally that saw the stock price jump 11-fold to it current level of ₹5,166, riding on the back of a more than three-fold jump both in turnover and profits since FY09. After having collectively sold close to 793,000 shares since June 2009 till the September 2013 quarter, the troika sold more than 41,600 shares in the December quarter and over 3,800 shares in the New Year between January 3 and January 6. Given that the momentum continues in be in favour of Page Industries, the Genomals will surely be smacking their lips in anticipation.