Shares of textiles cos in demand, jump up to 9% on govt move

Shares of textiles companies ended the day with gains up to 9 per cent after the government yesterday announced interest subsidy scheme for exporters.
Shares of Arvind Ltd settled with gains of 8.92 per cent at Rs 310.10 on the BSE, while Bombay Dyeing jumped 8.04 per cent to close at Rs 66.55.
Among others, Century Textiles rose 4.67 per cent to close at Rs 574.30, Raymond Ltd went up by 3.73 per cent to end at Rs 423.55 and Grasim Industries rose by 1.97 per cent to Rs 3,675 on the BSE.
Concerned over continuous decline in exports, government yesterday announced 3 per cent interest subsidy scheme for exporters which will have a financial implication of about Rs 2,700 crore.

The decision was taken at a meeting of Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi, to help boost overseas shipments.
It is likely to benefit sectors such as textiles, MSMEs, handicrafts and agri-products.
Indian Texpreneurs Federation also hailed the government's decision and said that it is confident of achieving export growth in the coming months.