Kitex Garments, is in the business of manufacturing and exporting garments, has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs 24.06 billion in the state of Telangana. The investment is planned at Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy District.

Kakatiya Mega Textile Park capacity is to be added by FY 2022-23 and Industrial Park, Sitarampur capacity is to be added by FY 2023-24.

Shares of Kitex Garments  are trading at Rs 171.95, up Rs 2.20, or 1.30%  at the Bombay Stock Exchange (BSE) on Tuesday at 11:52 a.m.

The scrip has touched an intra-day high of Rs 178 and low of Rs 169.90. The total volume of shares traded at the BSE is 36,385.

Currently, the stock is trading down  23.57% from its 52-week high of Rs 224.45  and above 86.98% over the 52-week low of Rs 91.75.