Kitex Garments rose 7.19% to Rs 195.25, extending gains for the third day in a row.
The stock has added 12.63% in three consecutive sessions.On a year-to-date (YTD) basis, the stock has risen 68.46% while the benchmark Sensex has added 24.12% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 81.06. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 177.04, 172.54 and 170.70, respectively.
On a consolidated basis, Kitex Garments posted a 44.4% rise in net profit to Rs 25.72 crore on a 33.7% rise in net sales to Rs 178.09 crore in Q2 FY22 over Q2 FY21.
Kitex Garments is engaged in the manufacture of fabric and readymade garments. The company operates through two business segments: garments and fabric. The firm also exports cotton garments principally infants wear.
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