Kitex Garments gains after ICRA upgrades credit rating

Kitex Garments rose 2.42% to Rs 1,040 at 15:09 IST on BSE after the company said that credit rating agency, ICRA, upgraded the long term and short term ratings of the firm with a stable outlook.

The announcement was made during trading hours today, 13 July 2015.

Meanwhile, the BSE Sensex was up 311.18 points, or 1.12%, to 27,972.58.

On BSE, so far 11,000 shares were traded in the counter, compared with an average volume of 44,658 shares in the past one quarter.

The stock hit a high of Rs 1,040 and a low of Rs 1,017 so far during the day. The stock hit a record high of Rs 1,070 on 3 July 2015. The stock hit a 52-week low of Rs 220 on 15 July 2014.

The stock had outperformed the market over the past one month till 10 July 2015, rising 17.41% compared with 3.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.47% as against Sensex's 4.22% fall.

The mid-cap company has an equity capital of Rs 4.75 crore. Face value per share is Re 1.

Kitex Garments said that ICRA, the credit rating agency, has upgraded the company's long term rating from ICRA A plus to ICRA AA minus and that of short term rating from ICRA A one to ICRA A one Plus with a comment that the outlook on the long term rating is stable.

Kitex Garments' net profit rose 97.5% to Rs 41.63 crore on 21.8% growth in net sales to Rs 147.69 crore in Q4 March 2015 over Q4 March 2014.

Kitex Garments is currently the second largest producer of children's apparel in the world, and is now in the process of setting up operations in the United States of America.

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