India's textile stocks jump as government removes import duty on cotton

About this update from Vardhman Textiles Limited

** Indian textile firms rise after country removes import duty on cotton from August 19 to September 30 ** Vardhman Textiles NSE:VTL, among India's biggest yarn producers, up 8% to 442.2 rupees** Kitex Garments NSE:KITEX, Welspun Living NSE:WELSPUNLIV and Raymond Lifestyle NSE:RAYMONDLSL up 5%, 4% and 3.4%, respectively** Gokaldas Exports rises 2.4%** India's garment industry is reeling from a steep 50% tariff on U.S. shipments, compared to a 20% rate for Bangladesh and Vietnam and 30% for China** Industry groups have said exemptions on cotton imports, which were subject to an 11% duty, will make the sector more competitive** Industry officials expect government to extend duty-free cotton imports beyond September

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