Textile stocks firm up after Smriti Irani takes charge

Shares of nine textile companies rose by 0.45% to 4.13% at 9:56 IST on BSE after Smriti Zubin Irani took over as the new Union Textiles Minister yesterday, 6 July 2016.

Alok Industries (up 4.13%), Hanung Toys and Textiles (up 3.32%), Bombay Dyeing & Manufacturing Company (up 2.76%), Gokaldas Exports (up 2.01%), Nitin Spinners (up 1.22%), Arvind (up 0.99%), Raymond (up 0.52%), Vardhman Textiles (up 0.51%) and Century Textiles and Industries (up 0.45%), edged higher.

The S&P BSE Sensex was up 64.83 points, or 0.24% to 27,231.70.

Irani was serving as the Union Minister for Human Resource Development (HRD) before taking over as the Union Textiles Minister.

Speaking to media persons on the occasion, the new minister thanked the Prime Minister Narendra Modi for placing her in charge of a sector that employs the largest number of people, next only to agriculture. She said that the sector has a lot of unrealized potential in terms of skill and employment, and that it can play a very important role in scaling up the 'Make In India' vision of the Prime Minister.

She noted that the textiles sector provides employment to a large number of women, and that she will continue the efforts being taken under the leadership of the Prime Minister to engage with the industry and help increase the exports of the sector. Citing that the weavers are the foundation of the sector, Irani assured that the Government would strive to help them to the maximum possible extent.

Meanwhile, Ajay Tamta took charge as Minister of State, Ministry of Textiles yesterday, 6 July 2016. Tamta is a Lok Sabha MP from Almora constituency, Uttarakhand, and a member of the Bharatiya Janata Party (BJP). Prior to his election to the 16th Lok Sabha, Tamta served as a member of the Uttarakhand Legislative Assembly, from 2007 to 2012 and again from 2012 to 2014. He has also served as a Minister in the Government of Uttarakhand, as Cabinet Minister during 2008 - 2009 and as MoS during 2007 - 2008.

After inducting 19 new Ministers of State, the Modi government on Tuesday, 5 July 2016, also announced a reshuffle of portfolios among the members of the Union Council of Ministers in a late night surprise announcement.

Powered by Capital Market - Live News