Textile stocks bounce back on global recovery
February 08, 2021
Covid pandemic triggers demand for towels, bedsheets, pillow covers
Stocks of textile companies focused largely on exports has seen a steady rise in the last few days with the revival in global demand.
Demand from all customers
Home textiles used for furnishing residence, towels, bedsheets, pillow covers and table linens are being bought more often in the US as the fear of Covid pandemic subside with the launch of vaccine.
Moreover, consumers, who are working from home, get more time to spend on the aesthetics of their house and spending more on home textiles.
Sectoral winners and losers of Union Budget 2021
Experts point out that health and infrastructure are the keys to economic growth and the government s emphasis on them will drive growth, increase employment and boost overall consumption. February 02, 2021 / 02:44 PM IST
The Union Budget 2021 pleased the market as the equity barometer the Sensex and the Nifty rose about 5 percent on the Budget day.
The absence of negative surprises cheered the market. There was no wealth or super-rich tax, direct tax tweak, long-term capital gains tax, securities transaction tax, or a COVID tax in the Union Budget 2021.
Moreover, the Budget was seen as a long-term positive for the economy.
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Shares of nine textile firms gained in trade after the central government announced plans to set up mega textile parks in India.
K.P.R. Mill (up 3.29%), Swan Energy (up 2.49%), Page Industries (up 2.48%), Welspun India (up 2.12%), Bombay Dyeing & Manufacturing Company (up 1.96%), Garware Technical Fibres (up 1.92%), Alok Industries (up 0.94%), Raymond (up 0.28%), Trident (up 0.28%) advanced.
Presenting the Union Budget 2021, Finance Minister Nirmala Sitharaman unveiled a scheme for setting up mega textile parks in the country, as part of the Centre s efforts to position India as a fully integrated, globally competitive manufacturing and exporting hub for the sector. A scheme of mega investment textile parks will be launched in addition to the PLI scheme, the FM said.