Kitex Garments locked in 20% upper circuit following Rs 1,000-crore investment in Telangana

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There were pending buy orders of 81,844 shares, with no sellers available.

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Kitex Garments was locked in a 20 percent upper circuit for the second day in a row after one of the world’s biggest kids apparel makers decided to initially invest Rs 1,000 crore in Telangana.

The share has touched a 52-week high of Rs 168.65. There were pending buy orders of 81,844 shares, with no sellers available.

The company has entered Telangana with an initial investment of Rs 1,000 crore, state Industries and Commerce Minister KT Rama Rao announced on July 9.

The announcement comes days after the company decided to withdraw from Kerala citing the “harassment” by state officials.

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Kitex, as part of the deal with the Telangana government, will set up its factories at the Kakatiya Mega Textile Park in Warangal district.

“Delighted to announce the entry of KITEX group, world’s 2nd largest manufacturer of kids apparel into Telangana with an initial investment of Rs 1,000 crore. They’ve chosen KMTP, Warangal for their factories. My gratitude to Mr. Sabu M. Jacob, MD of KITEX group on a quick decision,” Rao tweeted.

On July 9, Gopinathan C K sold 4 lakh equity shares in Kitex Garments at Rs 135.05 per share.

At 1446 hours, Kitex Garments was quoting at Rs 168.65, up Rs 28.10, or 19.99 percent on the BSE.