Bonus issue shares in 2024: Kitex Garments Limited made headlines as its stock soared to hit the 5% upper circuit on Monday, November 18, 2024. This surge comes amid investor excitement over the company’s upcoming board meeting scheduled for November 22, where the directors will discuss a potential bonus issue.
The Kerala-based textile company, known for its multi-bagger performance in the small-cap segment, officially informed the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) of the meeting. According to the company’s statement, the board will deliberate on the “declaration and recommendation of Bonus Equity Shares,” subject to shareholder approval.
Kitex Garments share price history
Kitex Garments share price was trading in the green, up 4.99 per cent, at ₹637.15, on November 19, on BSE. The company enjoys a market capitalisation of ₹4,237.05, as per BSE. Kitex Garments stock price hit its 52-week high of ₹678.70 on November 8, 2024, as per NSE. Kitex Garments shares has given over 183 per cent of return on a year-to-date (YTD) basis. Meanwhile, Kitex Garments share price has moved over 526 per cent from the level of ₹101.7 on November 19, 2019, in 5 years.
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 and a reputation for rewarding its shareholders. The company had reported 181.39% jump in consolidated net profit to ₹37.34 crore on a 61.15% increase in sales to ₹215.88 crore in Q2 FY25 as compared with Q2 FY24.
Investors now eagerly await November 22, as the outcome of the board meeting could further drive the company’s stock price, potentially enhancing its multibagger status.
