Spinning stocks hog limelight
Bhilwara Spinners, Nitin Spinners, Nahar Spinning stocks turn multibagger in 2021
image for illustrative purpose
Delhi: Shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills have witnessed a sharp rally in 2021. All three companies deal in textiles.
The shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills companies rose 219 per cent to Rs 47; 231 per cent to Rs 239; and 524 per cent to Rs 488, respectively, during the year-to-date period of 2021, exchange data showed.
Analysts feel that much of the rally in these stocks, or all of those in textile trade, is because of the Centre's production-linked incentive (PLI) schemes in the key manufacturing sectors, which include textile.
On September 8, the Union Cabinet had cleared the PLI scheme for the textile sector with an estimated budget outlay of Rs 10,683 crore.
The Centre, through the scheme, aims to provide a big fillip to the man-made fibres and technical textiles segments by promoting industries that invest in the production of some select textile categories.
