Shares of textile companies witnessed a uptick in the recent months due to various policy measures and on expectation of a firm outlook for the sector going ahead.
Shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills have seen a rally, while shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills companies surge 252 per cent, 316 per cent, 711 per cent, respectively, over the past one-year period.
In its latest GST council meeting, it was decided to defer a increase in rates on textiles from 5 per cent to 12 per cent, which was to come into effect from January 1.
Besides, the GST council's recent move to defer rate hike on textiles has buoyed investors' sentiment.
The Union Cabinet had cleared the PLI scheme for the textile sector with an estimated budget outlay of Rs 10,683 crore, on September 8, 2021.
(With inputs from IANS).
