Textile shares rally on improved outlook; Sangam, Vardhman hit new highs

According to rating agency CRISIL, the domestic textile industry is firmly on course to recover in fiscal 2022 on the back of reopening of businesses, educational institutions and retail outlets.

Shares of textile companies continued their northward movement on improved outlook. Vardhman Textiles and Sangam India hit their respective record highs, while Cantabil Retail touched a 52-week high on the BSE in Monday’s intra-day trade.

In the past one month, Vardhman Textiles, Trident, Alok Industries, Himatsingka Seide and Cantabil Retail have seen their market price risen between 20 per cent and 25 per cent. In comparison, the S&P BSE Sensex was up 2 per cent during the same period.

According to rating agency CRISIL, the domestic textile industry, which had seen demand slump in fiscal 2021 owing to