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Attractive valuations push up Indian textile share prices
04
Jul '14
In the last few months, a noticeable rally has been witnessed in stocks of Indian textile companies. For instance the share price of Lakshmi Mills has surged from Rs 1518 to Rs 2200, up a massive 44.92 percent within a period of three months.

In the same period, shares of Ruby mills rose from Rs 197 to Rs 276, those of Nahar Enterprise from Rs 55 to Rs 79 and those of Arvind Ltd hiked from Rs 182 to Rs 243.

Sudip Bandyopadhyay, President at Mumbai based Destimoney Securities attributes the same to attractive valuations, increase in global sourcing from India and lastly expectations of relief from the budget.

He explains to fibre2fashion, “Large global apparel retailers have shown a preference for increasing sourcing from India which augurs well for the Indian textile sector. Chinese cost of production is on the rise and Bangladesh is facing compliance issues, which are the main reasons for the rise in sourcing.”

He feels that there are still good opportunities available in shares of the Indian textile sector. 

Fibre2fashion News Desk - India

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