Hot stock: Kitex Garments surges over 10% in two sessions post Q3 results

MUMBAI: Shares of Kitex Garments have surged over 10 per cent in last two sessions after the company announced its December quarter results.

The company posted a net profit of Rs 23.13 crore in December '14 quarter, up 104 per cent, from Rs 11.32 crore in the corresponding quarter last fiscal. Other income for the quarter stood at Rs 7.90 crore.

Net sales increased to Rs 114.19 crore, up 22.77 per cent, from Rs 93.01 crore in year-ago period.

EBITDA came at Rs 43 cr vs Rs 20 crore, Y-o-Y.

The stock was one of the best performers of 2014 in smallcap space. It gained 515 per cent in the year. It has already gained 17.81 per cent in January. Following good set of numbers some more upside can be expected in coming sessions.

The company provides raw materials to retailers/ manufacturers like Mother Care, Jockey, and Wal-Mart.

At 11:10 a.m.; the stock was at Rs 588, up 0.70 per cent, on the BSE. It touched 52-week high of Rs 602.80 in trade today. Over 45,000 shares were traded in the counter against two-week average of 43,000 shares.