Business Daily from THE HINDU group of publications
Wednesday, Dec 12, 2007
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Business Daily from THE HINDU group of publications Wednesday, Dec 12, 2007 ePaper | Mobile/PDA Version |
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Textiles Markets - Stocks
Our Bureau
Mumbai, Dec. 11 Textile stocks have been on the rise on expectations of another round of incentives by the Government. Bombay Dyeing and Manufacturing was up 1.75 per cent, Gangotri Textiles 2.77 per cent, Surat Textile Mills 4.96 per cent, Vogue Textiles 4.85 per cent and Winsome Textile Industries was up by 4.77 per cent. Many analysts feel that this run up can be mainly attributed to the anticipation by the Government to intervene to help the textile industries that have been hit due to the appreciating rupee. Value Buying“Just 10-14 days ago there were talks by the Government to reduce the impact of the rupee on the textile sector. The market players are on the hopes of another round of such incentives. This has led to some fair amount of buying in these stocks,” said an analyst with a brokerage. He added that this sector on the whole has been under performing and now there is a lot of value buying happening. Some analysts believe that all the sectors have been performing rather well and this has reflected in the textile stocks as well. “The bullish sentiments that we have been seeing across the markets is what we are seeing in the textile industry as well, added to this a good amount of value buying,” said the Director of Research of a brokerage. “Some of these stocks have been in the news of late, which can be a reason for this run up. Alok Industries has seen a rise as there have been talks about them getting listed,” believes Anita Gandhi, Head Institutional Business, Arihant Capital Markets Ltd. More Stories on : Textiles | Stocks
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