Only buyers in Trident, JCT, Banswara Syntex and Maral Overseas as Textile Stocks rally
The share prices of textile stocks were seen rallying as the government finally announced Rs 10,683 crore PLI for Man Made Fibres & Technical Textiles on Wednesday.
The frontline indices closed in red on Wednesday while the broader markets outperformed. Banks outperformed along with the power and consumer durables stocks on Wednesday. The day however belong to the textile stocks as the government announcement comes as a positive development for the sector. Faze 3 (+8.21 per cent), Vardhman Acrylics (+6.91 per cent) and AYM Syntex (+5.96 per cent) were some of the top gainers from the textile sector.
Only buyers were seen in Maral Overseas (+4.98 per cent), DCM Nouvelle (+4.99 per cent), Trident (+4.87 per cent), JCT (+4.78 per cent) and Banswara Syntex (+4.99 per cent). The shares of Arvind Ltd and Arvind Fashions were seen gaining more than 5 per cent on Wednesday.
The share price of KPR Mills gained by 1.38 per cent on Wednesday.
Multiple triggers are at play in textile sector now. There is support from the GOI to the sector and globally the ‘China plus 1’ philosophy may support the Indian Textile Sector.