Textile stocks spinning to the top

DALAL STREET SPIKES

Textile stocks were in the limelight and recorded smart gains in a rather subdued market on back of renewed buying by operators and institutional investors.

Arvind Mills was up 4.10 per cent to Rs 78.70 as the company's board was to meet to consider a hike in FII limit. Other notable gainers in Friday's trading were Alok Industries, up 6.59 per cent to Rs 59.85, Bombay Dyeing, up 3.93 per cent to Rs 150.90, Nahar Spinning, up 4.55 per cent to Rs 149.45, Mahavir Spinning, up 3.37 per cent to Rs 168.75, Abhishek Industries, up 9.97 per cent to Rs 20.95 and Indian Rayon, up 4.96 per cent to Rs 252.

Due to the high cost structure of locally manufactured products, major retailers in the US and Canada prefer to outsource products from cost-effective manufacturers overseas which has helped Indian firms.