Cartica Capital’s Latest Stock Pick: Page Industries

Page Industries, which is Basant Maheshwari’s favourite stock, thrilled investors with excellent results for 9M FY 2014. The revenues increased 36% to Rs 904.4 crore while the net profit increased 33% to Rs. 118.66 crore. For Q3FY14, Page Industries reported a 40% rise in net sales to Rs 302.51 crore while the net profit increased 36% to Rs 34.63 crore.

Now the news is that Cartica Capital has today bought 5.58 lakh shares of Page Industries Ltd for over Rs 316.55 crore at an average price of Rs 5,673 each.

Cartica bought 1.36 lakh shares from each of Page’s three promoters, Nari Genomal, Ramesh Genomal and Sunder Genomal. 1.50 lakh shares were bought from HDFC Mutual Fund.

It may be recalled that Pulak Chandan Prasad’s Nalanda Capital was one of the early investors in Page Industries and have gained massive multibagger gains from the stock. It continues to be the largest investor with a 9.96% holding.

Cartica was founded by Teresa C. Barger along with Farida Khambata and Mike Lubrano, all formerly of the World Bank Group’s International Finance Corporation (“IFC”), and Steven J. Quamme, co-founder of Breeden Capital Management.

Cartica Capital has a number of large investments already. Its’ biggest investment is in Mahindra & Mahindra Financial Services where it holds shares worth Rs. 700 crore. It also has massive investments of Rs. 256 crore in TTK Prestige and Rs. 233 crore in Eicher Motors. Page Industries now joins that distinguished list.