Kitex Garments surges 10% as board considers bonus issue

NEW DELHI: Shares of Kitex Garments climbed 10 per cent in Thursday’s trade after the company said its board will consider bonus issue of shares on Friday.

In a filing to BSE, the firm said that the board will approve audited financial results, consider recommendation on final dividend for the full financial year and consider a proposal for issue of bonus shares.

The announcement was made after market hours yesterday, 19 April 2017. Following the announcement, the stock of kids’ apparel maker, climbed 9.6 per cent to hit a high of Rs 468 on BSE. The stock has returned mere 1.5 per cent in the past one year, but a healthy 261 per cent in three years.

The company has reported a 31.9 per cent YoY jump in net profit to Rs 31.75 crore in the December quarter. Net profit for the quarter rose 15.9 per cent YoY to Rs 127.47 crore.