Kitex Garments is currently among the top five gainers on the BSE. The stock, which had closed yesterday at Rs.149.20, opened higher at Rs.154.80 and was soon locked at its 10% UC of the day at Rs.164.10. Its 52-week high is at Rs.224.45.
The stock hit the roof after the company said that Telegana government had approved its expansion plan.
After its trouble with the Kerala Govt, the company had announced its decision to move out of the state and set up a new facility in Telangana.
It has agreed in principle to invest Rs 1,000 crore to set up apparel manufacturing facilities in the state of Telegana which will create 4,000 additional employment opportunities over the next 2 years.
The company expects to reduce its operating cost, shorten payback period and drive profits.