Textile stocks remained on buyers’ radar, as the Lok Sabha passed the Taxation Laws (Amendment) Bill, 2016, relaxing the rules for the textile sector to avail itself of the income tax benefit on additional employment created.
Arvind is currently trading at Rs. 306.00, up by 0.70 points or 0.23% from its previous closing of Rs. 305.30 on the BSE. The scrip opened at Rs. 305.10 and has touched a high and low of Rs. 307.75 and Rs. 302.00 respectively. So far 43368 shares were traded on the counter.
Welspun India is currently trading at Rs. 102.60, up by 0.25 points or 0.24% from its previous closing of Rs. 102.35 on the BSE. The scrip opened at Rs. 102.95 and has touched a high and low of Rs. 103.10 and Rs. 102.50 respectively. So far 10801 shares were traded on the counter.
Alok Industries is currently trading at Rs. 3.49, up by 0.02 points or 0.58% from its previous closing of Rs. 3.47 on the BSE. The scrip opened at Rs. 3.46 and has touched a high and low of Rs. 3.50 and Rs. 3.44 respectively. So far 198407 shares were traded on the counter.
The Lok Sabha on August 10 passed the Taxation Laws (Amendment) Bill, 2016 paving way for employers in the textile sector to avail of the income tax benefit on additional employment provided the employee has worked for 150 days and not 240 days as mandated earlier. The bill will now be taken up by Rajya Sabha following which the changes will be notified.
Union Cabinet had on June 22 approved a special package for employment generation and promotion of exports in textile and apparel sector, in line with its commitment to generate one crore jobs in the textile and apparel industry over next three years.
