By : 5paisa, 07 August 2024
Indian textile companies rose despite the main indices having a difficult time rebounding from the decline.
The optimism of investors over the unfolding situation in Bangladesh was the driving force behind the surge in textile stocks.
Bangladesh has profited from the China-plus-one policy to grow its market share in the textile sector.
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As a result of the increasing political upheaval in Bangladesh, foreign buyers may choose to pursue a Bangladesh-plus-one approach.
It may cause foreign purchasers to refocus on other markets, such as India, which is quite active in the textile and clothing industries.
Gokaldas Exports' shares broke a five-day losing run, rising 19% during intraday trade to ₹1,095 a share.
Arvind shares rose nearly 13% during intraday trade to ₹420 a share.
Vardhman Textiles shares rose nearly 13% during intraday trade to ₹570 a share.
KPR Mills shares rose nearly 16.87% during intraday trade to ₹968 a share.
Welspun Living, S.P. Apparels, Nitin Spinners, Arvind all recorded gains ranging from 5% to 17%.
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