Textile industry welcomes Budget announcement to set up textile parks; shares mixed

NEW DELHI: Shares of textile firms traded on a blended notice after Finance Minister Nirmala Sitharaman proposed to arrange textile parks and a Manufacturing-Linked Incentive (PLI) Scheme for them on Monday.

“A scheme of Mega Investments Textile Park might be launched along with PLI Scheme which can create world-class infrastructure with plug and play services to allow international champions in exports,” stated Sitharaman in Parliament.

“Seven textile parks might be developed within the nation. Emphasis might be laid on asset monetisation. Extra financial corridors might be constructed throughout the nation to additional increase street Infrastructure,” she added.

Dhanalaxmi Roto Spinners (up 0.69 per cent), Suryalata Spinning Mills (up 5.01 per cent), Shri Dinesh Mills (up 5.00 per cent), Sunil Inds. (up 5.00 per cent) , Sintex Industries (up 4.99 per cent), H P Cotton Textile Mills (up 4.98 per cent), ELAND (up 4.94 per cent) , Suryalakshmi Cotton Mills (up 0.34 per cent) and AYM Syntex (up 4.94 per cent) had been among the many high gainers.

In the meantime, Mohota Inds (down 5.00 per cent) , Sumeet Industries (down 5.00 per cent) , Morarjee Textiles (down 4.90 per cent), Garware Marine Industries (down 4.95 per cent), Winsome Textile Industries (down 3.06 per cent) , HITECHWIND (down 3.80 per cent), Shekhawati Poly-Yarn (down 4.88 per cent), Flora Textiles (down 4.87 per cent) and Gagan Polycot India (down 4.86 per cent) had been among the many high losers.

The NSE Nifty50 index ended 646.60 factors or 4.74 per cent greater at 14,281.20, whereas the 30-share BSE Sensex settled at 48,600.61, up 2,314.84 factors or 5.00 per cent.

The trade welcomed these bulletins with each palms.

“With give attention to Aatmanirbhar Bharat, announcement of multinational of seven textile parks by the Modi authorities in Funds 2021 needs to be welcomed with open arms. It is a huge enhance for the native textile trade. And, this may assist India turn into a world chief within the textile sector,” stated Anuj Mundra, Chairman and MD, Nandani Creation. “Sitharaman in her Union Funds 2021 has clearly conveyed a message that this authorities believes in giving an enormous shot within the arm of textiles and native manufacturing with particular give attention to Vocal for Native.”

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