Kitex Garments gained 4.27% to Rs 427.25 at 09:40 IST on BSE after the company announced further investment in its US unit for the current financial year.
The announcement was made after market hours yesterday, 2 May 2017.Meanwhile, the S&P BSE Sensex was up 40.39 points, or 0.13% to 29,961.57. The S&P BSE Small-Cap index was up 68.47 points, or 0.44% to 15,489.27.
On the BSE, 16,000 shares were traded in the counter so far, compared with average daily volumes of 25,848 shares in the past one quarter. The stock had hit a high of Rs 427.25 and a low of Rs 415.50 so far during the day. The stock hit a 52-week high of Rs 543.20 on 4 July 2016. The stock hit a 52-week low of Rs 354 on 22 November 2016.
The small-cap company has equity capital of Rs 4.75 crore. Face value per share is Re 1.
Kitex Garments announced that the board of directors at a meeting held on 28 April 2017 has approved further investment upto $1.5 million in the capital of Kitex USA LLC for the year ending 31 March 2018 (FY 2018).
Kitex Garments' net profit declined 39.87% to Rs 27 crore on 9.14% fall in net sales to Rs 156.50 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 28 April 2017. Domestic stock markets remained closed on Monday, 1 May 2017, for a local holiday. On the same day, Kitex Garments' board of directors approved issue of 2:5 bonus shares (2 bonus shares for every 5 held). Shares of Kitex Garments had tumbled 18.15% to settle at Rs 409.75 yesterday, 2 May 2017.
Kitex Garments is a producer of children's apparel.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
