Budget 2023: Cotton textile stocks rally on govt's focus to enhance cotton crop productivity

"The government will focus on enhancing cotton crop productivity by adopting a cluster-based approach with a public-private partnership model and enhanced use of advanced technologies," Finance Minister Nirmala Sitharaman said in her Budget speech.

The emphasis to increase cotton crop productivity will be positive for cotton textile stocks. At the bourses, these stocks rallied up to 3% in morning deals on NSE.
HP Cotton Textile Mills, one of the largest exporters of cotton specialty yarns and cotton sewing threads in India, rallied 3.19% to Rs 103.65.

Meanwhile, Ambika Cotton Mills (0.13%), Nitin Spinners (2.72%), Ginni Filaments (0.63%), and Arvind (2.30%) surged close to 3%, following the announcement.