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Tuesday, December 22, 2009

Kitex Garments Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Kitex Garments Ltd
BSE code:521248

Story:Kitex Garments Ltd is in the business of manufacturing and exporting garments. The Company made commendable achievement in the export of garments during the last fiscal. Total turnover reported for the year was Rs. 19479 Lakhs,which is the record turnover since its inception.Its new state-of-the-art imported processing plant is getting fine-tuned to get the optimum productivity. The plant will have the full capacity utilization in coming years, which will have a significant impact on the bottom line performance of the company. The company is also exploring thepossibility for fabric exports in addition to catering the complete internal requirements.The Company is taking all efforts to improve the quality and productivity to get more orders at competitive rates.Due to the addition of the new processing plant it is able to quote better rates and maintain high quality & productivity in the finished goods manufactured.Now,A number of funds are understood to be falling head-over-heels for Kitex Garments stake at a much higher price than its CMP of Rs 27.According to sources, the promoters, who hold over 56%, are negotiating with some for a minority stake. Punters expect it to almost double its profits in the coming fiscal. Bet is also on 100 acres of unused land in Kochi.Kitex has moved up over 1000% from its lows and a fresh entry should be made at around 18-20 levels.

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