Sunday , October 17 2021

Kitex Garments jumps on signing MoU with Telangana State Government

Kitex Garments is currently trading at Rs. 172.50, up by 2.75 points or 1.62% from its previous closing of Rs. 169.75 on the BSE.

The scrip opened at Rs. 177.10 and has touched a high and low of Rs. 178.00 and Rs. 169.90 respectively. So far 34363 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 224.45 on 15-Jul-2021 and a 52 week low of Rs. 91.75 on 19-Apr-2021.

Last one week high and low of the scrip stood at Rs. 179.00 and Rs. 165.05 respectively. The current market cap of the company is Rs. 1140.14 crore.

The promoters holding in the company stood at 55.57%, while Non-Institutions held 44.42% stake in the company.

Kitex Garments has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs 2,406 crore in the state of Telangana. The investment is planned at Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy District. Kakatiya Mega Textile Park capacity is to be added by FY 2022-23 and Industrial Park, Sitarampur capacity is to be added by FY 2023-24.

Kitex Garments is engaged in the manufacture of all kinds of garments for exports. Infant wear dominates with over 90% share in production. The company also in the business segment of Fabric, Garments.

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