Kitex Garments firms up after board approves additional investment in Kitex USA LLC

Kitex Garments rose 4.15% to Rs 431.75 at 14:39 IST on BSE after the company said its board approved further investment of upto $1 million in Kitex USA LLC.

The announcement was made during trading hours today, 9 January 2017.

Meanwhile, the BSE Sensex was up 3.81 points, or 0.01%, to 26,763.04.

On the BSE, so far 26,000 shares were traded in the counter, compared with average daily volumes of 14,686 shares in the past one quarter. The stock had hit a high of Rs 439.90 and a low of Rs 414 so far during the day.

The stock hit a 52-week high of Rs 687 on 8 January 2016. The stock hit a 52-week low of Rs 340 on 29 February 2016.

 

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

Kitex Garments said its board approved further investment upto $1 million in the capital of Kitex USA LLC during the fourth quarter of 2016-2017. The board also approved availing an additional term loan of Rs 17 crore under A-TUFS with a tenure of 5 years.

Kitex Garments' 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.

Kitex Garments is a producer of children's apparel.

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