In the latest budget, the government had a focus on the Indian textile industry and announced an allocation of more than Rs 4,000 Crore towards the sector. Recently, the Apparel Export Promotion Council (AEPC) made a statement and said that India’s merchandise exports will reach US$1 Trillion by 2030, owing to this contribution to the “labour intensive” apparel sector.
As the investors remain optimistic about the sector, here are 2 apparel stocks that have gained more than 10% till the afternoon on Wednesday:
Rupa & Company Limited
The shares of Rupa & Company opened at Rs 206.05 levels on Wednesday and gained as much as 12 percent to reach an intra-day high of Rs 232. The stock gained after having shed approximately 33 percent in the past six months and more than 49 percent in a year.
Rupa & Company Limited is an Indian clothing company that makes knitted garments and produces innerwear, casual wear, thermal wear, and sleepwear for men, women, and kids.
In the Q3 of FY23, the company’s Revenue from Operations stood at Rs 236 Crore which declined 46 percent YoY from Rs 433.2 Crore. Their net profits in the period stood at Rs 5.5 Crore which declined drastically from Rs 58.3 Crore in Q3FY22.
Dollar Industries Limited
The shares of Dollar Industries opened at Rs 316.90 levels and gained as much as 10 percent to reach an intra-day high of Rs 349.75. The stock has been on a downward trend and has shed approximately 23 percent in the past six months and more than 34 percent in a year.
Dollar Industries Limited is one of the leading companies in the Indian hosiery market and has a market share of more than 15% in the textile exports segment.
In the third quarter of FY23, the company reported total revenue from operations at Rs 285.34 Crore which slipped from Rs 382.05 Crore in the same period a year ago. Their net profits stood at Rs 8.74 Crore, a steep fall from Rs 44.41 Crore in Q3FY22.
Written by Anoushka Roy
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