Kitex Garments recovers

The stock price of Kitex Garments had tumbled down quite a lot after its dismal performance for Q4Fy17 but today, it has recovered and remains firmly in the green after its news of increased investment in its US unit in current fiscal of FY18.

The Board has approved further investment upto $1.5 million in the capital of Kitex USA LLC for FY 2018.

This is good news compared to its Q4FY17 numbers wherein it reported an almost 40% (YoY) drop in net profit at Rs.27 crore on a 4% drop in total income at Rs.177 crore.

The stock is up in the green at Rs.420, up 2.5% with an intra day high at Rs.427.25. Shares of the company had hit their fresh 52-week high of Rs 543.20 on July 4, 2016 and fresh 52-week low of Rs 354 on November 22, 2016.