Textiles stocks in demand; Vardhman, Siyaram Silk, RSWM hit 52-week highs

Siyaram Silk Mills jumped 6 per cent to hit a fresh 52-week high of Rs 344 on the BSE

Shares of textiles companies were in demand in an otherwise subdued market, with Vardhman Textiles, Siyaram Silk Mills, RSWM and Dollar Industries hitting their respective 52-week highs on the BSE in intra-day trade on Friday amid expectations of earnings improvement.

The Union Budget 2020-21 had set the momentum to give the ailing textile sector a new lease of life by announcing the setting up of mega textile parks, increasing duties on import of textile products, and rationalising the custom duty rates on imports of raw materials, allowing 100 per cent foreign direct investments (FDI) for the sector under the automatic route,