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Textile
stocks continue to gain ground on improved sentiment
Driven
by old economy stocks, the market continued its upward march. The
Sensex closed the week (ended May 29) 152 points higher at 3164
points. The firm trend was observed across the board with old economy
heavy weights particularly in focus. FIIs continued with its buying
spree as their investments were relatively high as compared to recent
few week. Domestic funds were, however, less active.
In
textile stocks, Arvind Mills surged Rs 7.20 to close the week at
Rs 37.20. The company posted 280 per cent rise in its net profit
for the fourth quarter at Rs 38 crore. For the full financial year,
Arvind reported a net profit of Rs 129 crore. It has wiped out its
accumulated loss of Rs 105 crore. The company is expected to perform
better for the current fiscal in the improved market condition.
LMW rose Rs 471 to close the week at Rs 1502. The company reported
a 79 per cent jump in the net profit at 26.3 crore in the current
fiscal. Century Textiles, Bombay Dyeing and Raymond continued to
firm up.
Investors
should hold on to the current investment and focus on old economy
textile stocks, keeping in mind six months perspective.
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