Textile stocks slipped from their highs and ended mostly in the negative zone today.
House of Pearl Fashions plunged 5.5% to Rs 84.25. S Kumars stayed locked at its 5% lower circuit of Rs 519.
Century Textiles shed 2% at Rs 440.
Bombay Dyeing dropped 1.5% to Rs 357. Arvind declined 1% to Rs 27.80. Alok Industries dipped 1.3% to Rs 21.35.
However, Abhishek Industries surged 4.5% to Rs 14.65. Raymond was up 1% at Rs 172.
____________________________________________________
(Updated at 1041 hrs)
Textile stocks have surged on news of a Rs 2,546 crore subsidy for the industry.
Arvind has soared 4% to Rs 29.20. House of Pearl Fashions has rallied 4.3% to Rs 93. Bombay Dyeing has surged 4.5% to Rs 378.
Abhishek Industries has hit its 5% upper circuit of Rs 14.74.
Century Textiles has added 2% to Rs 458.
Raymond is up 3% at Rs 175. Alok Industries has gained 3% at Rs 22.35.
The government has announced plans of giving the textile industry a Rs 2,546 crore subsidy under the Technology Upgradation Fund Scheme (TUFS). This will help the capital-crunch hit industry clear its dues remaining up to June 30,2009.
Further, Textiles Minister Dayanidhi Maran has announced the constitution of a 41-member working group under Textile Secretary Rita Menon to formulate a National Fibre Policy, aimed at having a simplified and level playing trade conditions for all sections of the textile sector.
