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List of best textile stocks to buy in India in 2024

equity market
27 Mar 20246 mins readBy MOFSL

Introduction:

The history of the Indian textile industry is steeped in antiquity, dating back to ancient times. Globally, traders actively sought the exceptionally high-quality cotton and silk fabrics crafted in India. In 2024, the textile industry in India is poised for substantial growth, driven by factors such as increased consumer spending, favourable government policies, and a robust export market.

Investing in textile stocks allows investors to gain exposure to a versatile and dynamic industry that holds the potential for substantial growth and resilience against economic cycles. In this blog, you delve into the diverse facets of the Indian textile sector, specifically examining the top textile stocks in India to invest in 2024. Furthermore, you will comprehend the reasons behind investor enthusiasm for investing in Indian textile stocks.

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Top textile stocks in India in 2024

The top textile stocks in India to buy in 2024 include:

  • Trident Limited

Established under the name Abhishek Industries Limited, Trident Limited is the flagship company of the Trident Group. It was officially incorporated in April 1990. Over the years, the company has evolved into one of the leading global manufacturers of towels, a notable producer of agro-based paper on the international stage, and a substantial contributor to yarn production in India.

As of 6 March 2024, Trident shares were trading for Rs. 40.60 per share at the National Stock Exchange (NSE) and Rs. 40.54 per share at the Bombay Stock Exchange (BSE). The stock has zoomed by 34.64% in the last year. The company’s PE ratio stood at 48.29.

  • Vedant Fashions

Vedant Fashions Limited is the parent company of the popular traditional outfit brand “Manyavar”. The company is engaged in manufacturing and marketing ready-made ethnic wear for men, women, and kids. Since its IPO in 2022, the company has performed consistently on the stock markets. 

As of 6 March 2024, Vedant Fashions’ shares were trading for Rs. 979.45 per share at the NSE and Rs. 979.05 per share at the BSE. The company’s market cap stood at Rs. 23,833 crores. 

  • Vardhman Textiles Limited

Vardhman Textiles Limited is a key player in the Indian textile industry, specialising in a wide range of products, including yarn, fabric, and garments. The company's strong focus on research and development, coupled with a commitment to quality, positions it as a reliable choice for investors looking to tap into the growing textile market.

As of 6 March 2024, Vardhman Textiles shares were trading for Rs. 435.90 per share at the NSE and Rs. 434.80 per share at the BSE. The one-year return stood at 38.47% and the market cap stood at Rs. 12,556 crores.

  • Arvind Limited

Arvind Limited is a diversified textile conglomerate with a significant presence in both domestic and international markets. The company has been at the forefront of innovation, introducing sustainable practices and cutting-edge technologies in its manufacturing processes. The company is poised to benefit from the increasing demand for eco-friendly textiles.

As of 6 March 2024, Arvind Limited’s shares were trading for Rs. 273.00 per share at the NSE and Rs. 272.80 per share at the BSE. The stock has delivered an exceptional return of 223.91% in the last year. The company’s market cap stood at Rs. 7,076 crores.

  • Raymond Limited

Raymond Limited is a well-established name in the Indian textile and apparel sector. The company has been adapting to changing market dynamics by diversifying its product offerings. With a focus on premium fabrics and a strong retail presence, Raymond is poised to benefit from the rising disposable incomes and changing lifestyles in India.

As of 6 March 2024, Raymond shares were trading for Rs. 1,764.95 per share at the NSE and Rs. 1,765.70 per share at the BSE. The company has recently witnessed a breakout from the resistance level and the upsurge is expected to continue. 

To conclude

As the Indian textile industry continues to thread its way through global challenges, it presents a myriad of investment opportunities for discerning investors. The stocks mentioned above represent companies with a track record of resilience, innovation, and market adaptability. However, you must conduct thorough research, monitor market trends, and stay informed about economic indicators before making any investment decisions.

 

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Disclaimer: The stocks, companies, or financial instruments mentioned in this blog are for informational purposes only and should not be considered as investment recommendations. It is advised to consult with your financial advisor before making any investment decisions. Investment in securities markets are subject to market risks, read all the related documents carefully before investing. Investors are strongly encouraged to carefully read the risk disclosure documents prior to participating in market-related investments or trading activities. Due to the volatile nature of financial markets, no guarantees can be made regarding investment returns. Motilal Oswal Financial Services Ltd. does not offer any assured returns on market-linked securities. Please note that past performance of stocks or indices is not indicative of future results.
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