Kitex Garments inches up on plan to invest Rs 125 crore for expansion

Kitex Garments is currently trading at Rs. 214.50, up by 0.40 points or 0.19% from its previous closing of Rs. 214.10 on the BSE. The scrip opened at Rs. 215.00 and has touched a high and low of Rs. 226.40 and Rs. 206.00 respectively. So far 66646 shares were traded on the counter. The BSE group 'B ' stock of face value Rs. 1 has touched a 52 week high of Rs. 214.85 on 19-May-2014 and a 52 week low of Rs. 52.20 on 03-Jul-2013. Last one week high and low of the scrip stood at Rs. 214.85 and Rs. 131.00 respectively. The current market cap of the company is Rs. 1019.83 crore. The promoters holding in the company stood at 54.24% while Non-Institutions 45.76%. Kitex Garments is planning to invest Rs 125 crore this fiscal in order to enhance production capacity and to upgrade technology. The 100 per cent EoU has a production capacity of 5.5 lakh pieces per day at its unit in Kizhakkambalam in Ernakulam district. This will be increased to 1.1 million pieces by 2015-16. The company is also planning to introduce robotic technology to meet the labour shortage. Kitex Garments is the third largest manufacturer of clothes for infants and caters to the biggest international buyers such as Gerber, Jockey, Carters, Kohls and The Childrens Place.