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Kitex Garments share rises 54% in four sessions as firm announces investment in Telangana

Kitex Garments share rises 54% in four sessions as firm announces investment in Telangana

The micro cap stock touched 52-week high of Rs 168.65, rising 19.99% on BSE

Market cap of the firm rose to Rs 1121 crore on BSE. Market cap of the firm rose to Rs 1121 crore on BSE.

Kitex Garments share was locked in upper circuit for the second consecutive session after the kids apparel makers decided to initially invest Rs 1,000 crore in Telangana.

The micro cap stock touched 52 week high of Rs 168.65 rising 19.99% on BSE. The stock has gained 54.87% in the last 4 days. The share opened with a gain of 6.01% at Rs 149.  Kitex Garments stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 55% in one year and risen 53% since the beginning of this year.

In a month, the share has risen 32.74%. Total 9.76 lakh shares changed hands amounting to turnover of Rs 16 crore.

Market cap of the firm rose to Rs 1121 crore on BSE.

The share hit 52 week low of Rs 91.75 on April 19, 2021.

The firm, which is among the world's largest kids apparel maker, has entered Telangana with an initial investment of Rs 1,000 crore, state Industries and Commerce Minister KT Rama Rao said on July 9.

Earlier, the firm had decided to cancel its investment plans from Kerala citing "harassment" by state officials.

As a part of the deal with Telangana government, the firm will set up its factories at the Kakatiya Mega Textile Park in Warangal district.

"Delighted to announce the entry of KITEX group, world's 2nd largest manufacturer of kids apparel into Telangana with an initial investment of Rs 1,000 crore. They've chosen KMTP, Warangal for their factories. My gratitude to Mr. Sabu M. Jacob, MD of KITEX group on a quick decision," Rao tweeted.