Textile stocks advance after FM announces setting up mega textiles parks
Shares of nine textile firms gained in trade after the central government announced plans to set up mega textile parks in India.
K.P.R. Mill (up 3.29%), Swan Energy (up 2.49%), Page Industries (up 2.48%), Welspun India (up 2.12%), Bombay Dyeing & Manufacturing Company (up 1.96%), Garware Technical Fibres (up 1.92%), Alok Industries (up 0.94%), Raymond (up 0.28%), Trident (up 0.28%) advanced.
Presenting the Union Budget 2021, Finance Minister Nirmala Sitharaman unveiled a scheme for setting up mega textile parks in the country, as part of the Centre’s efforts to position India as a fully integrated, globally competitive manufacturing and exporting hub for the sector.
A scheme of mega-investment textile parks will be launched in addition to the PLI scheme, the FM said.
FM informed that 7 mega textile parks will be launched in three years as part of the scheme. The mega textile parks will have integrated facilities and quick turnaround time for minimizing transportation losses, eyeing big-ticket investments in the sector.
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