Textile stocks have slipped this morning on a weak performace in the quarter ending June 2011. Companies like Aarvee Denim and Century Textiles have posted a dip in net profits in the quarter under review.
A fluctuating cotton and other raw material costs seem to have taken a toll on bottomline of textile companies for the first quarter.
"The high inventory costs have led to pressure on our bottomline. What's more, even the second quarter looks difficult because we still have a high cost inventory," says Utsav Pandva, chief financial officer of Aarvee Denim and Exports.
Among individual stocks, Indian Terrain has dropped 5% to Rs 109. Rajvir Industries is down 9% at Rs 104. Vardhman Textile, Shree Ram Urban and Century Enka have dropped 2-4% each.
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