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Home textile exports had reported a double-digit decline in FY2023 and 4M FY2024 amid high raw material expenses, energy inflation and muted demand. An ICRA report is raising their hopes.
The deal worth Rs 5,200 crore transfers 22 acres of land, bringing an instant infusion of Rs 4,675 crore for the billionaire's struggling company.
“The next few quarters are relatively tough from the export scene especially as far as textiles is concerned. We are seeing some element of softness being witnessed on the export front but that should normalise in our opinion in the second half as festivities kick in.”
Following at 15-year run, Therapedic is opening up distribution of its bedding and home program.
The brokerage house says the worst is behind the textile company which is set for a steady recovery in FY24. Hopes of better prospects have supported a 53 percent surge in the stock in the past three months and 82 percent this year