Firstcall is bullish on Kitex Garments has recommended buy rating on the stock with a target price of Rs 440 in its research report dated March 16, 2016.
Firstcall's research report on Kitex Garments
Kitex Garments Limited is based in Kochi, India. Kitex Garments Ltd. was incorporated in 1992. It made its public issue in the year 1995. Kitex Garments Ltd is the largest employer in private sector in the state of Kerala. It is located near Kochi and has easy access to sea and air ports. It is promoted by Boby M Jacob, Kitex Exports Ltd, Sabu M Jacob and Somy Varghese. Kitex Garments Limited is in the business of manufacturing and exporting garments. The Company manufactures different types of garments, such as hosiers, shirts, pants, jackets, innerwear and outerwear. The company currently employs over 7000 people at its facility, and has been a business provider to many satellite businesses in the state. Having started with INR 1.8 Crores turnover in the year 1995-96, the company has now grown to a turnover of over INR 524 Crores in 2014-15. The company is currently the second largest producer of children's apparel in the world, and is now in the process of setting up operations in the United States of America.
We expect that the company surplus scenario is likely to continue for the next two to three years, will keep its growth story in the coming quarters also. Hence, we recommend ‘BUY’ for ‘Kitex Garments Ltd’ with a target price of Rs. 440.00 for medium to long term investment.
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