Textile shares rally; VTL, Himatsingka, Nitin Spinners surge up to 19%

According to media reports, cotton price is expected to dip to Rs 60,000 per candy by December 2022 because of the slump in demand and the wait-and-watch strategy of the market players

Shares of textile companies were in focus on Monday as they rallied up to 19 per cent on the BSE in the intra-day trade amid heavy volumes on expectation of fall in cotton prices due to slump in demand and increase in cotton sowing.

Vardhman Textiles (VTL) surged 19 per cent to Rs 318.05 on the BSE on the back of over 10-fold jump in trading volumes. A combined 4 million equity shares have changed hands on the counter till the time of writing of this report, as compared to an average sub 40,000 shares that traded in the