Textile stocks in action! Alok Industries' shares zoom 17% to new high of Rs 35.80; Trident too locked in 5% upper circuit

Shares of Alok Industries surged around 17 pe cent to new 52-week high of Rs 35.80 per share in Monday's intraday trade on the BSE.  Shares of this textile space stock have gained nearly per cent in the last one month.  

From Rs 23.90 per share on the NSE on December 17, 2021, Alok Industries shares have gained Rs 11.20 or 46.86% to Rs 35.10 apiece on the NSE on January 17, 2022.  

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At 2pm, shares of Alok Industries gained Rs 4.95 or 16.47% to trade at Rs 35 per share on the BSE.  

Stocks related to this pace has been performing well lately as experts remain bullish on textile sector in view of the expected provisioning in the Budget.  

"Textile-Textile industry has faced several challenges over the past years. The sector has urged the government to introduce an export duty on cotton to keep a check on prices and remove 5% import duty on cotton imports," said Manoj Dalmia Founder and Director-Proficient Equities Limited, while talking about focus area in the Budget 2022.  

Meanwhile, Trident Ltd, another share from this space that has been outperforming recently, too surged 5 per cent to trade at 52-week high value of Rs 68 per share on the BSE.  

Trident shares have jumped Rs 4.20 or (26.39%) in the past 5 trading sessions, Rs 13.15 (23.97%) in the last one month and Rs 50.35 (285.27%) in the past 6 months on the NSE.  

Based in Mumbai, Alok Industries Ltd, a Textile manufacturing company, claims to be India's largest fully integrated textile company with a dominant presence in the Cotton and Polyester segments.