Kitex Garments surges on bonus issue plan

The stock surged 9.5% after the company said the board will meet on April 28 to consider bonus issue

Kitex Garments surged 9.5% to Rs 469 on BSE in intra-day trade after the company announced that the board will meet on April 28 to consider a maiden bonus issue plan.

“A meeting of the board of directors of the company is scheduled be held on Friday, 28th April, 2017 to consider a proposal for issue of bonus shares,” Kitex Garments said in a BSE filing.

The board will also consider and approve audited financial results (both standalone and consolidated) of the company for the year ended 31st March, 2017 and recommendation of final dividend for the financial year 2016-17, it added.

At 1:53 am; the stock was up 8% at Rs 462 on BSE as compared to 0.11% rise in the S&P BSE Sensex. A combined 278,354 shares changed hands on the counter on BSE and NSE.