India’s textile industry is a major sector, contributing 12% to exports and employing over 45 million people. With a market size of $223 billion in 2022, it is the world’s second-largest producer of textiles and garments, accounting for 13% of industrial production and 5% of GDP.
Today, the government of India announced a capex of Rs 10,000 crore under the production-linked incentive (PLI) scheme to the garment sector to boost domestic manufacturing and exports. While addressing in India International Garment Fair, the textile minister emphasized that rebuilding textile parks and promoting green textiles will be the focus.
Shri Sudhir Sekhri, Chairman AEPC during his address underlined, “the global headwinds negatively affected Indian apparel exports. But despite these adverse scenarios, the Indian apparel export industry was able to hold its own and contain the damage to quite an extent.
This fair, organized by the Apparel Export Promotion Council (AEPC) through the International Garment Fair Association (IGFA), in association with three major garment associations of India, namely, Clothing Manufacturers Association of India (CMAI), Garment Exporters & Manufactures Association (GEMA), and Garment Exporters Association of Rajasthan (GEAR), is a testimony of the collective spirit, teamwork, and synergies built by these associations to achieve a greater goal.
Here are the stocks that shown significant movement after the announcement made by the Gov on the textile sector.
Gokaldas Exports Ltd.
Gokaldas Exports Limited is an Indian garment maker and exporter. The Company sells a variety of garment goods, including outerwear, activewear, and fashion wear. It exports to fashion labels and stores on all continents and has a delivery network spanning 50+ countries.
With a market capitalization of Rs 6,652.35 crore, the shares were trading at Rs 934.65 per share, increasing around 4.71 percent as compared to the previous closing price.
Arvind Fashions Ltd
Arvind Fashions Limited is primarily engaged in the business of marketing and distribution of branded apparel and accessories. The Company operates through two geographical segments: In India, and the Rest of the world. The Company and its subsidiaries operate in the branded apparel, beauty, and footwear space.
With a market capitalization of Rs 7,218.18 crore, the shares were trading at Rs 541.90 per share, increasing around 3.60 percent as compared to the previous closing price.
Siyaram Silk Mills Ltd.
Siyaram Silk Mills Limited is an Indian textile manufacturer. The company manufactures, brands, and markets textiles, ready-made clothes, and indigo-colored yarns. Its businesses include textiles, clothing, exports, home furnishings, institutional, yarns, and retail.
With a market capitalization of Rs 2,237.88 crore, the shares were trading at Rs 493.25 per share, increasing around 1.52 percent as compared to the previous closing price.
Nitin Spinners Ltd
Nitin Spinners Limited is an Indian firm that manufactures textiles. The company manufactures cotton yarn, knitted textiles, and completed woven fabrics. Its yarn line comprises cotton ring spun carded yarns from Ne 12 to Ne 50, cotton ring spun yarns from Ne 12 to Ne 30, and others.
With a market capitalization of Rs 2,006.21 crore, the shares were trading at Rs 356.85 per share, increasing around 2.56 percent as compared to the previous closing price.
Welspun Living Ltd
Welspun India Limited (Welspun) is an India-based company engaged, which is engaged in the textile business. The Company manufactures a range of home textile products, primarily terry towels, bed linen products, and rugs. The Company’s business segments include Home Textiles, Power and Flooring.
With a market capitalization of Rs 14,601.42 crore, the shares were trading at Rs 150.75 per share, increasing around 3.82 percent as compared to the previous closing price.
Written by:- Abhishek Singh
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