Promoters of textile firms increase stake on demand recovery expectations

India has become competitive in both polyester yarn and fabric businesses in the last couple of quarters

The promoters of several textile companies have increased their stake in the last nine months by purchasing fresh shares in the open market on expectations of a recovery in demand, and thus better profit margins.
 
The promoters of Raymond have increased their stake by 290 basis points (bps) to 46.7 per cent between April and December 2019. Similarly, the promoters of Arvind have raised their stake by 165 basis points in the same period. Indo Rama Synthetics, which has a low market capitalisation, has witnessed its promoters increasing their stake by over 18 percentage points.
 
Other players, such