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  1. Cabinet may take up textile policy tomorrow, Aarvee Denim, Arvind surge up to 20%

Cabinet may take up textile policy tomorrow, Aarvee Denim, Arvind surge up to 20%

Textile stocks came in limelight in the late afternoon trade on Tuesday after TV reports that the Cabinet will clear textile policy on Wednesday.

By: | New Delhi | Updated: June 21, 2016 4:51 PM
textile stocks bse sensex Textile stocks came in limelight in the late afternoon trade on Tuesday after TV reports that the Cabinet will clear textile policy on Wednesday.

Textile stocks came in limelight in the late afternoon trade on Tuesday after TV reports said that the Cabinet will clear textile policy on Wednesday.

Cheering the news, shares of Arvind Ltd and Stovec Industries surged as much as 5.19 per cent and 12 per cent, respectively.

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Other textile majors such as Century Textiles, Gokaldas Exports and Aarvee Denim & Exports soared as much as 5.22 per cent, 7.60 per cent and 20 per cent, respectively.

According to the reports, Cabinet focus is on incentivising garment manufacturing and to encourage value add. The objective of the policy is to create jobs.

Government on Monday launched a second wave of FDI reforms allowing 100 per cent inflows in civil aviation and food processing sectors while easing norms in defence and pharmaceuticals.

Anand James, chief market strategist, Geojit BNP Paribas Financial Services said, “Reports of possible announcement of textile policy on Wednesday kept up the hopes that reform measures of the recent days have stoked.”

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