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India's textile sector is set for growth as global disruptions in competing markets, particularly in China and Bangladesh, create new opportunities for exporters. With rising labor costs in China and political instability in Bangladesh, Indian apparel exports to the US and UK have increased, reaching 7% and 6% respectively in 2024. Companies like Gokaldas Exports anticipate improved demand in the second half of the year, driven by the festive season and the end of the global inventory de-stocking cycle.
Shares of Indian textile exporters, including Gokaldas, Trident, and Welspun, surged up to 14% as financial troubles mount for Bangladesh's Beximco Group. The Bangladeshi government plans to sell 32 struggling garment companies amid ongoing worker protests over unpaid wages, following the arrest of Beximco's Vice-Chairman. Trident saw a notable increase, with its stock rising 13.96% to an intraday high of Rs 39.27.
Stocks to watch include Welspun Corp, Biocon, Paytm, and Bajaj Healthcare, as they are currently in focus for investors. Stay updated with relevant content and transaction alerts through push notifications.
Welspun Corp shares surged to a record high of Rs 824.45, rising nearly 50% this year, following the announcement of two large orders for HSAW-coated pipes for US natural gas pipeline projects. The cumulative value of orders from its US plant has exceeded Rs 7,000 crore, with execution planned for FY25 and FY26. The company emphasized its strong market position and positive outlook in the US oil and gas transmission sector.
Welspun Corp has secured two significant orders in the US for HSAW coated pipes, boosting the total value of orders from its US plant to over Rs 7,000 crore for Q3 FY25. The execution of these contracts is scheduled for FY25 and FY26, reinforcing the company's strong position in the oil and gas transmission sector. Despite a 26.3% decline in net profit to Rs 287 crore for the September quarter, attributed to lower revenue and market challenges, the outlook for the US market remains positive.
Welspun Corp Limited
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Indian textile sector poised for growth amid global market disruptions
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14:11 09.12.2024
Indian textile stocks surge as Bangladesh garment sector faces crisis
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08:42 09.12.2024
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Welspun Corp Shares Soar After Securing Major US Pipeline Orders
05:04 09.12.2024
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09:12 08.12.2024
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