On July 21 2015, Porinju Veliyath blasted on Kitex with an interesting tweet-
“If you want ‘great looks’, create a portfolio of Page, Kitex, Kavery Seeds, Bosch, MRF, Symphony, Sun, TCS etc. for 0 return in next 3 yrs!”
Again he continued
“Not to get excited with correction in Sun Pharma, Page, Kitex etc.. These fancied stocks discounts the earnings of next many years already!”
Meanwhile, Professor Sanjay Bakshi exclaimed MD of Kitex Garments, Mr Sabu Jacob as intelligent fanatic in his article and maintained his long term view that Kitex has much way to go ahead.
According to him, “Sabu runs one the most profitable infant garment manufacturing companies in the world called Kitex Garments which has no net debt, earns a ROE of 63% and yet sells garments to giants like Carter’s, Gerber, ToysRUs, Wal-Mart, Mother Care, and The Children’s Place. How can someone who sells to Wal-Mart earn so much? One answer is that a Wal-Mart or a Gerber or a Carter’s or a Children’s Place don’t ever again want their customers to see images like this, right next to the labels of their garments.”
Now after 6 months, Kitex today touched its 52 week low of Rs.385.
But the funny part of the story is, on Christmas day Sudarshan Sukhani recommended a buy call on Kitex when it was trading on Rs.750.
“I don’t recommend midcaps often but midcaps will outperform the larger market next year also. That seems to be a very likely scenario. So, why not go and look at attractive midcaps. Kitex Garments have been the same pattern and a very sharp run up. So many of these midcaps have run up in 2015. After that run up it had a very decent correction. The corrections are not deep enough to cause concern but just enough to let off some steam and bring them back to normal or revert to mean. Now it is making a base and that base is making a bullish pattern, the shape of a bullish pattern. It has just broken out yesterday and that is good news because it is reaffirming that some kind of an upmove has started. Good quality company, good quality charts, a bullish break out. So, we go ahead and buy it. The stock is for position trades which we should hold for a few weeks to really get the benefits out of that investment”
Now after just 4 weeks, Kitex has reduced investors wealth by nearly 50%!!
You can't expect nothing more than that from Mr. Sukhani
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