Textile shares stole the show in yesterday’s trade

Stocks of selected textile companies were trading higher by up to 20% on NSE on the back of heavy volumes. Garden Silk Mills, Nahar Spinning Mills, Vardhman Polytex, Raymond, and Indo Count Industries were up 3%-20%, as compared to 0.18% decline in S&P BSE Sensex and 0.21% decrease inNifty at 3:00 PM.

Garden Silk share price surged 20% to Rs 38.55 after the company announced fundraising plan aggregating to Rs. 30 crores by issuing convertible share warrants to promoters. Currently, the stock is trading at Rs. 38.45.

A meeting of the board of directors of the company will be held on October 25, 2016, to reflect on the proposal for raising funds aggregating to Rs 30 crore by issue of convertible share warrants / convertible securities for promoter and promoter group of the company.

The counter has witnessed huge trading volumes with a 46 lakhs shares changed hands against an average volume of 40,000 for twenty days. There were pending buy orders for 398,589 shares on the BSE and NSE.

Nahar Spinning share price traded on the new 52 weeks high of Rs. 143.90 rising to the stunning 11%.

Indo Count Industries was up 3% at Rs 781, stretching its past three days gain of 9%, following the rating up gradation by rating agency ICRA about the long term and short term bank facilities of the company.

Vardhman Polytex share price traded at the new 52 weeks high of Rs. 78.75 with the rise of 10%.

Raymond share price traded at a fresh 52-week high of Rs 645, up 4% on NSE in intra-day trade. The company is set to announce September 30, 2016, quarter results on October 26, 2016. In past two-months, the stock outperformed the market by surging 56%, against the flat trading benchmark index. Raymond is also top 500 recommendations by Dynamic Levels.

CRISIL, the rating agency, said in its report dated August 17, Raymond business risk profile is likely to gradually strengthen over the medium term, supported by a prominent market position in the suiting business, healthy growth in the apparel business, diversified product portfolio, and focus on developing operating efficiencies.

Indo Count share price went up 4.30% to trade at the intraday high of Rs. 790.95. Recently ICRA had upgraded the company’s credit rating for the term loan and funds based facilities to AA- from A. The rating agency also upgraded the rating for its short-term bank facilities from A1 to A1+.

The data shows that selected stocks from the lot of textile sector have done well in the trade today.

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