According to PIB, India’s textile sector is a vital component of its economy, contributing about 2.3% to GDP and employing 45 million people directly. The market is projected to grow from $240.8 billion in 2024 to $475.7 billion by 2033, driven by robust domestic demand and exports.
Today, the Bangladesh Garment Group, or Beximco Group, is apparently trying to sell 32 garment manufacturing enterprises. This has prompted speculation that big international fashion brands may divert their orders to India.
Moreover, the Beximco Group has 169 firms and is apparently trying to sell 32 organizations designated as Category B, which are mostly involved in textiles and clothes. According to local media, the purpose of these auctions is to pay off debts owed to Janata Bank and IFIC Bank.
Additionally, Bangladesh is a vital player in the global garment trade, with large clients including Walmart and H&M; nevertheless, the segment is experiencing increased instability in its textile industry, sparking concern that major international fashion companies could shift their orders to India.
Here are the textile stocks in focus after international fashion brands may divert their orders to India;
Gokaldas Exports Ltd
With a market capitalization of Rs 7,539.71 crore, the shares were trading at Rs 1,059.10 per share, increasing around 2.12 percent as compared to the previous closing price.
Welspun Living Ltd
With a market capitalization of Rs 16,833.13 crore, the shares were trading at Rs 174.95 per share, increasing around 0.72 percent as compared to the previous closing price.
Himatsingka Seide Ltd
With a market capitalization of Rs 2,728.61 crore, the shares were trading at Rs 216.90 per share, increasing around 3 percent as compared to the previous closing price.
Trident Ltd
With a market capitalization of Rs 20,164.70 crore, the shares were trading at Rs 39.67 per share, increasing around 4.37 percent as compared to the previous closing price.
Nitin Spinners Limited
With a market capitalization of Rs 2,708.96 crore, the shares were trading at Rs 481.85 per share, increasing around 0.67 percent as compared to the previous closing price.
Written by:- Abhishek Singh
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