Shares zoom 17% to a new height of Rs 35.80; Trident too locked itself at 5% upper circuit.
Shares of Alok Industries surged around 17 percent to a new 52-week high of Rs 35.80 per share in Monday’s intraday trade on the BSE. Shares of this textile space stock have gained nearly percent in the last month.
From Rs 23.90 per share on the NSE on December 17, 2021, Alok Industries shares have gained Rs 11.20 or 46.86% to Rs 35.10 apiece on the NSE on January 17, 2022. At 2 pm, shares of Alok Industries gained Rs 4.95 or 16.47% to trade at Rs 35 per share on the BSE. Stocks related to this pace have been performing well lately as experts remain bullish on the textile sector in view of the expected provisioning in the Budget.
“Textile-Textile industry has faced several challenges over the past years. The sector has urged the government to introduce an export duty on cotton to keep a check on prices and remove 5% import duty on cotton imports,” said Manoj Dalmia Founder and Director-Proficient Equities Limited, while talking about focus area in the Budget 2022.
Meanwhile, Trident Ltd, another share from this space that has been outperforming recently, too surged 5 percent to trade at a 52-week high value of Rs 68 per share on the BSE.
Trident shares have jumped Rs 4.20 or (26.39%) in the past 5 trading sessions, Rs 13.15 (23.97%) in the last one month, and Rs 50.35 (285.27%) in the past 6 months on the NSE.
Based in Mumbai, Alok Industries Ltd, a Textile manufacturing company, claims to be India’s largest fully integrated textile company with a dominant presence in the Cotton and Polyester segments.