Textile stocks gain ahead of GST Council meet outcome

The government may ease norms for filing returns for small and medium traders, further easing the disruption created in the textile industry due to the twin blows of GST and demonetization, as per media report.

Oct 06, 2017 01:10 IST India Infoline News Service

Textile stocks were trading higher ahead of the outcome of the meeting of the GST Council today. The government may ease norms for filing returns for small and medium traders, further easing the disruption created in the textile industry due to the twin blows of GST and demonetization, as per media report.

The textile sector has been facing an acute credit crunch and drastic fall in margins due to an abnormal increase in credit cycles following the rollout of GST.

Arvind Ltd is currently trading at Rs 386.65, up by Rs 4.35 or 1.14% from its previous closing of Rs 382.3 on the BSE. The scrip opened at Rs 385.9 and has touched a high and low of Rs 389.5 and Rs 384.5 respectively. The stock is currently trading above its 200 DMA.

Bombay Dyeing & Manufacturing Company Ltd is currently trading at Rs 214.8, up by Rs 10.2 or 4.99% from its previous closing of Rs 204.6 on the BSE. The scrip opened at Rs 213.7 and has touched a high and low of Rs 214.8 and Rs 208.7 respectively. The stock is currently trading above its 50 DMA.

Grasim Industries Ltd is currently trading at Rs 1153.85, down by Rs 5.9 or 0.51% from its previous closing of Rs 1159.75 on the BSE. The scrip opened at Rs 1165.65 and has touched a high and low of Rs 1168.75 and Rs 1151.4 respectively. The stock is currently trading above its 50 DMA.

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