Textile stocks rise on hopes of govt measures to check yarn prices

MUMBAI: Share of textile companies were on the rise on Monday after Union Textile Minister Dayanidhi Maran expressed concern over rising yarn prices and said the government will take measures to protect the handloom and garment manufacturers.

An official announcement on the measures to be taken is likely in a week’s time. Yarn prices have gone up by 30 per cent in the last three months, with the latest price increase coming into effect on April 1, 2010.

Shares of Century Textiles & Industries were up 0.63 per cent at Rs 522.15, Vardhaman Textiles gained 0.6 per cent to Rs 269.05, Gangotri Textiles surged 9.95 per cent to Rs 8.85, Morarjee Textiles advanced 1.2 per cent to Rs 20.70 on the NSE and Arvind Limited was up 1.91 per cent at Rs 34.75 on the NSE.