Bonus shares 2024: Kitex Garments Limited stock soared to hit the 5% upper circuit on Tuesday, November 19, 2024, after the company said its board will consider a bonus share issue later this week.
The company's board meeting is scheduled for Friday, November 22, to consider inter alia, the proposal for declaration and recommendation of bonus equity shares subject to the approval of shareholders, as per the exchange filing.
The Kerala-based textile company, known for its multibagger performance, informed the exchanges of the board meeting on Monday post-market hours.
Kitex Garments share price was trading in the green, up 4.99 per cent at ₹637.15 on the BSE today. The company enjoys a market capitalisation of ₹4,237.05 crore as per BSE. Kitex Garments stock price hit its 52-week high of ₹678.70 on November 8, 2024.
Kitex Garments shares have delivered a remarkable return of over 183% on a year-to-date (YTD) basis. Over the past five years, the small-cap stock has surged by more than 526%, rising from ₹101.7 on November 19 to its current level.
The company also announced that it has enforced a trading window closure for its insiders. “The trading window for dealing in the securities of the company will remain closed from November 19 until 48 hours after the board's decision,” stated Dayana Joseph, the Company Secretary and Compliance Officer.
Kitex Garments has been a consistent performer in the textile industry, with strong fundamentals. The company reported a 181.39% on-year rise in consolidated net profit to ₹37.34 crore in Q2FY25 on a 61.15% increase in sales to ₹215.88 crore.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
