Kitex Garments scales record high

Kitex Garments gained 3.36% to Rs 506 at 10:07 IST on BSE after the company's board of directors approved opening a merchandising office in USA.

Meanwhile, the BSE Sensex was down 15.16 points or 0.06% to 27,191.58

On BSE, so far 1.18 lakh shares were traded in the counter, compared with an average volume of 65,732 shares in the past one quarter.

The stock hit a high of Rs 520 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 500 so far during the day. The stock hit a 52-week low of Rs 56.65 on 8 October 2013.

The stock had outperformed the market over the past one month till 22 September 2014, rising 47.43% compared with 2.98% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 106.17% as against Sensex's 8.37% rise.

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

Kitex Garments after market hours on Monday, 22 September 2014, said that the company's board of directors at a meeting held on Monday, 22 September 2014, has approved opening a merchandising office in USA as a limited liability company (LLC) with 50% investment and other modalities are being worked out.

Shares of Kitex Garments surged by maximum permissible daily limit of 20% to settle at Rs 489.55 on Monday, 22 September 2014 after a domestic broker initiated coverage with a buy rating on the stock. With growth sustaining, return ratios improving and dividend payout increasing, Kitex Garments is well poised from a long term perspective, the brokerage said.

Kitex Garments' net profit rose 11.2% to Rs 14.44 crore on 1.9% growth in net sales to Rs 96.18 crore in Q1 June 2014 over Q1 June 2013.

Kitex Garments is engaged in business of manufacturing and exporting infant garments.

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