Kitex Garments slumps after weak Q4 result

Kitex Garments lost 13.34% to Rs 433.80 at 9:16 IST on BSE after net profit declined 39.87% to Rs 27 crore on 9.14% growth in net sales to Rs 156.50 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours on Friday, 28 April 2017. Domestic stock markets remained closed on Monday, 1 May 2017, for a local holiday.

Meanwhile, the S&P BSE Sensex was up 117.42 points, or 0.39% to 30,035.82. The S&P BSE Small-Cap index was up 87.58 points, or 0.57% to 15,460.09.

On the BSE, 16,000 shares were traded in the counter so far, compared with average daily volumes of 23,470 shares in the past one quarter. The stock had hit a high of Rs 458 and a low of Rs 422.35 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 small-cap company has equity capital of Rs 4.75 crore. Face value per share is Re 1.

Kitex Garments board of directors approved issue of 2:5 bonus shares (2 bonus shares for every 5 held).

Kitex Garments is a producer of children's apparel.

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