Textile stocks hit new lows

MUMBAI: Textile stocks have been reeling under the pressure of recession in the US and also in the domestic market due to general economic slowdown and festive season getting over. Profitability is also under pressure.

Smaller companies are at a bigger disadvantage due to lack of economies of scale and pricing power. The outlook for the sector is bleak even for larger players, say analysts

Today, small cap textiles stocks such as Sel Manufacturing (Rs 52), Nitin Spinners (Rs 3.8), SPL Industries (Rs 5.25), Gokuldas Exports (Rs 88), Apls Industries (Rs 10), Bombay Rayon (Rs 97) and JBF Industries (Rs 30) hit new lows. Hanung Toys had touched 52-week low of Rs 46 on Tuesday.