7 Textile Near 52-week Lows, Why Textile Stocks Have Taken A Pounding?

It's been a bad time for many textile stocks, as rising cotton prices have taken a toll on profitability. Many believe that these stocks have problem bottomed out at these levels. Here are 7 textile stocks that have fallen significantly over the last few months. Please note, this is not a buy recommendation from our end and just information that investors should make note of and tale their own decisions.

Name	Current market price	52-week high	52-week low
Page Industries	37, 300	54,349.10	36,879.90
Rupa & Co	535	585.85	201.90
Lux Industries	1324	2,629.10	1,270.00
Dollar Industries	339.90	658.70	310.60
Sportking	664	1,123.05	638.00
Kitex	145	309	138.45
Vardhman Textiles	312		245

Should you buy these textile stocks?

We normally as a policy refrain from suggesting stock buy and sell ideas. However, what we have noticed in the last few weeks is that cotton prices have been seeing a downtrend. This could boost margins of some players in the industry. Some of these companies have a very strong business model and renowned brands. However, it is hard to talk of valuations and other parameters at this juncture. The important thing to also note is that some stocks like Lux Industries have nearly halved from their 52-week lows. However, whether there could be a further downside that is possible or whether fundamentals could change is something that investors should study and decide. We believe ther has already been a significant downside in some of these stocks.

Markets continue to exhibit volatility I

ndian equities cheered the dovish commentary from one of the US Fed officials along with robust domestic services PMI data. Service PMI improved to 59.4 - its 12 years high, in February on the back of strong demand as price pressures eased further. "Nifty opened gap up and witnessed consistent strength throughout the day to close with gains of 272 points (+1.6%) at 17594 levels. All sectors ended in green with continued momentum seen in Banking, Metals and Realty. Nifty is finding some support after declining almost 9% from its peak. While Domestic macro data continues to remain strong, global uncertainty regarding the next US Fed action have kept the markets volatile," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.