Kitex Garments jumps on bonus issue plan

Kitex Garments rose 5.71% to Rs 452 at 9:48 IST on BSE after the company said its board will consider bonus issue of shares on Friday, 28 April 2017.

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 38.26 points, or 0.13% to 29,374.83.

On the BSE, 8,806 shares were traded in the counter so far, compared with average daily volumes of 16,640 shares in the past one quarter. The stock had hit a high of Rs 468.65 and a low of Rs 444.80 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 stock had outperformed the market over the past one month till 19 April 2017, rising 1.59% compared with 0.50% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.05% as against Sensex's 7.43% rise.

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

A meeting of the board of directors of Kitex Garments is scheduled be held on Friday, 28 April 2017, to consider a proposal for issue of bonus shares. The board will also consider audited financial results of the company for the year ended 31 March 2017.

Kitex Garments' net profit rose 31.9% to Rs 31.75 crore on 15.9% growth in net sales to Rs 127.47 crore in Q3 December 2016 over Q3 December 2015.

Kitex Garments is a producer of children's apparel.

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