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Business Mayor
19-05-2025
- Business
- Business Mayor
Textile stocks rally up to 10% as Bangladesh port curbs likely to generate Rs 1k cr biz for domestic firms
Textile stocks like Siyaram Silk, Kitex Garments and Raymond, among others, shot up to 10 per cent on the BSE today after reports indicate that India's ban on Bangladesh imports through land ports could bring in an additional business of more than Rs 1,000 crore for the domestic textile sector. The shares of Siyaram Silk Mills rose the highest by 10 per cent to an intraday high of Rs 797.35, followed by the shares of Faze Three, which surged by 6.8 per cent to Rs 667. This was further followed by Vardhman Textiles and Redtape shares, which increased by 6 per cent each in the intraday session. Meanwhile, the shares of Kitex Garments and Raymonds hit their 5 per cent upper circuit in intraday trade. The surge in the stocks came after industry experts said that the curb may bring in more business for the domestic players, however, its should be noted that certain branded garments may also see some supply issues in the winter season, which could raise prices of items like t-shirts and denims by 2-3 per cent . 'We were importing garments worth Rs 6,000 crore annually from Bangladesh. We can now expect imports worth Rs 1,000-2,000 crore to be replaced with Indian manufacturing,' said Sanjay K Jain, chairman of National Textile Committee, Indian Chamber of Commerce (ICC), according to previous ET reports. Indian firms have been sourcing woven and knitted apparel from Bangladesh, leveraging the zero-duty benefit. The Directorate General of Foreign Trade (DGFT) issued a notification on Saturday banning the import of garments and several other products from Bangladesh through land routes, while permitting shipments via Kolkata and Nhava Sheva ports. Local industries had been pushing for such restrictions, raising concerns over the surge in textile imports from Bangladesh, driven by zero import duty. The move is also aimed at curbing the indirect import of Chinese fabric, which otherwise attracts a 20 per cent import duty. Trade and industry stakeholders believe that Bangladesh stands to lose more than India due to the revised import policy. In addition to this, the Free Trade Agreement (FTA) between India and the United Kingdom, finalised, is also poised to significantly boost India's textile exports to the UK, further enhancing the prospects of the industry. 'The agreement eliminates tariffs on 99 per cent of Indian goods, including apparel and home textiles, removing the current 8-12 per cent duty and placing Indian exporters on par with competitors like Bangladesh, Vietnam, and Pakistan. China leads UK textile imports (25 per cent share), followed by Bangladesh (22 per cent ), Turkey (8 per cent ), and Pakistan (6.8 per cent ). The FTA will enhance India's competitiveness in this market,' noted a report by ICRA. 'India's apparel and home textiles trade with the UK is projected to double in the next 5-6 years, with export volumes expected to grow at a compounded annual rate of 13 per cent ,' the report added. Read More F.P. Journe Watches: In Pursuit of Precision And Perfection India's textile exports are anticipated to rise from 7-8 per cent to 11-13 per cent by CY2027, a growth which will be supported by incremental capacity additions in the garmenting segment, creating employment opportunities and improving earnings for exporters.
Time of India
19-05-2025
- Business
- Time of India
Textile stocks rally up to 10% as Bangladesh port curbs likely to generate Rs 1k cr biz for domestic firms
Textile stocks like Siyaram Silk , Kitex Garments and Raymond , among others, shot up to 10 per cent on the BSE today after reports indicate that India's ban on Bangladesh imports through land ports could bring in an additional business of more than Rs 1,000 crore for the domestic textile sector. The shares of Siyaram Silk Mills rose the highest by 10 per cent to an intraday high of Rs 797.35, followed by the shares of Faze Three, which surged by 6.8 per cent to Rs 667. This was further followed by Vardhman Textiles and Redtape shares, which increased by 6 per cent each in the intraday session. Meanwhile, the shares of Kitex Garments and Raymonds hit their 5 per cent upper circuit in intraday trade. The surge in the stocks came after industry experts said that the curb may bring in more business for the domestic players, however, its should be noted that certain branded garments may also see some supply issues in the winter season, which could raise prices of items like t-shirts and denims by 2-3 per cent . 'We were importing garments worth Rs 6,000 crore annually from Bangladesh. We can now expect imports worth Rs 1,000-2,000 crore to be replaced with Indian manufacturing,' said Sanjay K Jain, chairman of National Textile Committee, Indian Chamber of Commerce (ICC), according to previous ET reports. Indian firms have been sourcing woven and knitted apparel from Bangladesh, leveraging the zero-duty benefit. The Directorate General of Foreign Trade (DGFT) issued a notification on Saturday banning the import of garments and several other products from Bangladesh through land routes, while permitting shipments via Kolkata and Nhava Sheva ports. Local industries had been pushing for such restrictions, raising concerns over the surge in textile imports from Bangladesh, driven by zero import duty. The move is also aimed at curbing the indirect import of Chinese fabric, which otherwise attracts a 20 per cent import duty. Trade and industry stakeholders believe that Bangladesh stands to lose more than India due to the revised import policy. In addition to this, the Free Trade Agreement (FTA) between India and the United Kingdom, finalised, is also poised to significantly boost India's textile exports to the UK, further enhancing the prospects of the industry. 'The agreement eliminates tariffs on 99 per cent of Indian goods, including apparel and home textiles, removing the current 8-12 per cent duty and placing Indian exporters on par with competitors like Bangladesh, Vietnam, and Pakistan. China leads UK textile imports (25 per cent share), followed by Bangladesh (22 per cent ), Turkey (8 per cent ), and Pakistan (6.8 per cent ). The FTA will enhance India's competitiveness in this market,' noted a report by ICRA . 'India's apparel and home textiles trade with the UK is projected to double in the next 5-6 years, with export volumes expected to grow at a compounded annual rate of 13 per cent ,' the report added. India's textile exports are anticipated to rise from 7-8 per cent to 11-13 per cent by CY2027, a growth which will be supported by incremental capacity additions in the garmenting segment, creating employment opportunities and improving earnings for exporters.
Time of India
19-05-2025
- Business
- Time of India
Textile stocks rally up to 10% as Bangladesh port curbs likely to generate Rs 1k cr biz for domestic firms
Textile stocks like Siyaram Silk , Kitex Garments and Raymond , among others, shot up to 10% on the BSE today after reports indicate that India's ban on Bangladesh imports through land ports could bring in an additional business of more than Rs 1,000 crore for the domestic textile sector. The shares of Siyaram Silk Mills rose the highest by 10% to an intraday high of Rs 797.35, followed by the shares of Faze Three, which surged by 6.8% to Rs 667. This was further followed by Vardhman Textiles and Redtape shares, which increased by 6% each in the intraday session. Meanwhile, the shares of Kitex Garments and Raymonds hit their 5% upper circuit in intraday trade. The surge in the stocks came after industry experts said that the curb may bring in more business for the domestic players, however, its should be noted that certain branded garments may also see some supply issues in the winter season, which could raise prices of items like t-shirts and denims by 2-3%. 'We were importing garments worth Rs 6,000 crore annually from Bangladesh. We can now expect imports worth Rs 1,000-2,000 crore to be replaced with Indian manufacturing,' said Sanjay K Jain, chairman of National Textile Committee, Indian Chamber of Commerce (ICC), according to previous ET reports. Also read: Defence stocks detonate in Rs 1.8 lakh crore boom. Is a ceasefire on the charts? Indian firms have been sourcing woven and knitted apparel from Bangladesh, leveraging the zero-duty benefit. The Directorate General of Foreign Trade (DGFT) issued a notification on Saturday banning the import of garments and several other products from Bangladesh through land routes, while permitting shipments via Kolkata and Nhava Sheva ports. Local industries had been pushing for such restrictions, raising concerns over the surge in textile imports from Bangladesh, driven by zero import duty. The move is also aimed at curbing the indirect import of Chinese fabric, which otherwise attracts a 20% import duty. Trade and industry stakeholders believe that Bangladesh stands to lose more than India due to the revised import policy. In addition to this, the Free Trade Agreement (FTA) between India and the United Kingdom, finalised, is also poised to significantly boost India's textile exports to the UK, further enhancing the prospects of the industry. 'The agreement eliminates tariffs on 99% of Indian goods, including apparel and home textiles, removing the current 8-12% duty and placing Indian exporters on par with competitors like Bangladesh, Vietnam, and Pakistan. China leads UK textile imports (25% share), followed by Bangladesh (22%), Turkey (8%), and Pakistan (6.8%). The FTA will enhance India's competitiveness in this market,' noted a report by ICRA . 'India's apparel and home textiles trade with the UK is projected to double in the next 5-6 years, with export volumes expected to grow at a compounded annual rate of 13%,' the report added. India's textile exports are anticipated to rise from 7-8% to 11-13% by CY2027, a growth which will be supported by incremental capacity additions in the garmenting segment, creating employment opportunities and improving earnings for exporters.
Economic Times
19-05-2025
- Business
- Economic Times
Textile stocks rally up to 10% as Bangladesh port curbs likely to generate Rs 1k cr biz for domestic firms
Textile stocks like Siyaram Silk, Kitex Garments and Raymond, among others, shot up to 10% on the BSE today after reports indicate that India's ban on Bangladesh imports through land ports could bring in an additional business of more than Rs 1,000 crore for the domestic textile sector. ADVERTISEMENT The shares of Siyaram Silk Mills rose the highest by 10% to an intraday high of Rs 797.35, followed by the shares of Faze Three, which surged by 6.8% to Rs 667. This was further followed by Vardhman Textiles and Redtape shares, which increased by 6% each in the intraday session. Meanwhile, the shares of Kitex Garments and Raymonds hit their 5% upper circuit in intraday trade. The surge in the stocks came after industry experts said that the curb may bring in more business for the domestic players, however, its should be noted that certain branded garments may also see some supply issues in the winter season, which could raise prices of items like t-shirts and denims by 2-3%.'We were importing garments worth Rs 6,000 crore annually from Bangladesh. We can now expect imports worth Rs 1,000-2,000 crore to be replaced with Indian manufacturing,' said Sanjay K Jain, chairman of National Textile Committee, Indian Chamber of Commerce (ICC), according to previous ET reports. Also read: Defence stocks detonate in Rs 1.8 lakh crore boom. Is a ceasefire on the charts? ADVERTISEMENT Indian firms have been sourcing woven and knitted apparel from Bangladesh, leveraging the zero-duty Directorate General of Foreign Trade (DGFT) issued a notification on Saturday banning the import of garments and several other products from Bangladesh through land routes, while permitting shipments via Kolkata and Nhava Sheva ports. ADVERTISEMENT Local industries had been pushing for such restrictions, raising concerns over the surge in textile imports from Bangladesh, driven by zero import move is also aimed at curbing the indirect import of Chinese fabric, which otherwise attracts a 20% import duty. Trade and industry stakeholders believe that Bangladesh stands to lose more than India due to the revised import policy. ADVERTISEMENT In addition to this, the Free Trade Agreement (FTA) between India and the United Kingdom, finalised, is also poised to significantly boost India's textile exports to the UK, further enhancing the prospects of the industry. 'The agreement eliminates tariffs on 99% of Indian goods, including apparel and home textiles, removing the current 8-12% duty and placing Indian exporters on par with competitors like Bangladesh, Vietnam, and Pakistan. China leads UK textile imports (25% share), followed by Bangladesh (22%), Turkey (8%), and Pakistan (6.8%). The FTA will enhance India's competitiveness in this market,' noted a report by ICRA. 'India's apparel and home textiles trade with the UK is projected to double in the next 5-6 years, with export volumes expected to grow at a compounded annual rate of 13%,' the report added. ADVERTISEMENT India's textile exports are anticipated to rise from 7-8% to 11-13% by CY2027, a growth which will be supported by incremental capacity additions in the garmenting segment, creating employment opportunities and improving earnings for exporters. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
18-05-2025
- Business
- Economic Times
Garment import restrictions from Bangladesh to benefit Indian cos: Industry
New Delhi: The suspension of import of readymade garments from Bangladesh through land ports is likely to temporarily impact buyers as their supply chains will be disrupted leading to higher cost and lead times, textile industry representatives said. India on Saturday imposed port restrictions on import of certain products such as readymade garments and processed food from Bangladesh, in response to similar measures imposed by Dhaka. Import of all kinds of readymade garments from Bangladesh shall not be allowed from any land port but would be permitted only through Nhava Sheva and Kolkata seaports. Bangladesh exports over $700 million (around Rs 6,000 crore) worth of readymade garments annually to India and 93% of the shipments enter India through land ports. Buyers will need to re-align their sourcing and for products with less diffrential in cost and quality, they would shift to Indian suppliers, exporters said. 'We can expect atleast Rs 1000 crore to replaced by Indian manufacturing,' said Sanjay K Jain, managing director, TT Ltd, a textile manufacturer and exporter. Trade experts said that the move will lead to costs escalation by 15-25% besides delays in shipments as land ports face less traffic than sea ports.'We have imposed this measure in retaliation to Bangladesh's actions,' said an official, ruling out any further action on the issue.'This will enable Indian cotton yarn exporters to redirect their supply to the domestic market to meet the potential demand gap created by reduced apparel imports. This could provide a much-needed boost to the Indian textile value chain by encouraging local sourcing and strengthening self-reliance in the apparel segment,' said Rakesh Mehra, chairman, the Confederation of Indian Textile per Ajay Sahai, director general, Federation of Indian Export Organisations, the restrictions will make Indian industry more competitive.'This move would also reduce the backdoor entry of Chinese fabrics into India that were getting converted in Bangladesh and being sent to India duty free. Fabrics if imported directly from China face 20% import duty,' Jain April 2025, Bangladesh imposed restrictions on the export of cotton yarn from India, which traditionally accounts for nearly 45% of India's total cotton yarn exports.
