Kitex Garments tumbles after weak Q2 results

Kitex Garments tanked 10.45% to Rs 458 at 10:01 IST on BSE after net profit fell 52.41% to Rs 12.92 crore on 20.5% decline in net sales to Rs 95.55 crore in Q2 September 2016 over Q2 September 2015.

The result was announced yesterday, 31 October 2016. The stock market was closed on that day for a holiday.

Meanwhile, the S&P BSE Sensex was down 6.97 points or 0.02% at 27,923.24.

On BSE, so far 91,000 shares were traded in the counter as against average daily volume of 9,460 shares in the past one quarter. The stock hit a high of Rs 463.85 and a low of Rs 410 so far during the day. The stock had hit a 52-week low of Rs 340 on 29 February 2016. The stock had hit a 52-week high of Rs 745 on 24 December 2015. The stock had outperformed the market over the past one month till 30 October 2016, advancing 16.57% compared with 0.23% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 3.67% as against Sensex's 0.43% fall.

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

Kitex Garments is a producer of children's apparel.

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