Textile stocks get boost from FTP; Bombay Dyeing up 7%
Press Trust of India / Mumbai Aug 27, 2009, 18:03 IST
Shares of textile companies today rose in the range of 1-3 per cent on the Bombay Stock Exchange after the unveiling of the Foreign Trade Policy (FTP) today, which aims to provide special thrust to the employment- oriented sectors.
The scrips of textile companies pared some of the gains registered in anticipation of sops in FTP and settled in the green in a market which witnessed choppy trading sentiment.
Shares of Bombay Dyeing settled the trade with a gain of 6.85 per cent at Rs 380.65. In the intra-day trade, the scrip had advanced 8.62 per cent to Rs 386.95 on the BSE.
Besides, Alok Industries surged 7.11 per cent to witness a high of Rs 23.35. It ended the trade at Rs 22.55, up 3.44 per cent over previous close.
Arvind climbed 1.41 per cent to Rs 32.35 and Welspun India advanced 4.95 per cent to Rs 53.05 on the BSE.
The FTP is expected to provide special thrust to the employment-oriented sectors which have witnessed job losses in the wake of recession, especially to the textiles, leather and handicrafts sectors.
"Textile shares have been rising in anticipation of the EXIM policy announced today. The shares ended with gains as they softened in the later part of the trading," Bonanza Portfolio Assistant Vice President Avinash Gupta said.
Other major gainers include Century Textiles (1.40 per cent), Raymond (2.38 per cent) and SRF (2.77 per cent).
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