Multibagger textile stock hit upper circuit as Board is likely to announce bonus shares
The stock gave multibagger returns of 200 per cent in just 6 months whereas BSE Small-Cap Index is up by 10.50 per cent.
Kitex Garments Ltd informed you that meeting of the Board of Directors of the company is scheduled to be held on Friday, November 22, 2024, to consider inter alia, the proposal for declaration and recommendation of bonus equity shares subject to approval of shareholders of the company.
Kitex Garments Limited, a leading global player in the infant and children's wear industry, was established in 1992 by Mr. Sabu M Jacob. Renowned for its high-quality cotton and organic cotton garments, the company caters to the discerning tastes of US and European markets. With a vertically integrated manufacturing facility in Kochi, Kerala, Kitex Garments boasts the capacity to produce over 4 lakh pieces per day. The company's strong client base includes world-renowned apparel and retail brands like Gerber and William Carters, solidifying its position as the world's second-largest manufacturer in its category.
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The company has a market cap of Rs 4,237 crore. According to Quarterly Results, the net sales increased by 48 per cent to Rs 215.88 crore and net profit increased by 370 per cent to Rs 36.73 crore in Q2FY25 compared to Q2FY24 while in its half-yearly results, the net sales increased by 45 per cent to Rs 406.32 crore and net profit increased by 200 per cent to Rs 63.41 crore in H1FY25 compared to H1FY24.
On Tuesday, shares of Kitex Garments Ltd hit a 5 per cent upper circuit to Rs 637.15 per share from its previous closing of Rs 606.85 per share with a spurt in volume by more than 1.14 times on BSE. The stock’s 52-week high is Rs 679.40 and its 52-week low is Rs 176.80. The stock gave multibagger returns of 200 per cent in just 6 months whereas BSE Small-Cap Index is up by 10.50 per cent. Investors should keep an eye on this textile stock.
Disclaimer: The article is for informational purposes only and not investment advice.