Dolly Khanna textile stock: Experts see more gain despite 11% rise in one week
Dolly Khanna portfolio: After the Union cabinet approval of ₹10,683 crore production linked incentive or PLI scheme for textile, market is highly bullish on textile stocks. Market experts believe that textile companies dealing in man-made fabric with exposure in global merchandise will get major benefit of this government scheme. So, those retail investors who follow Dolly Khanna portfolio for value picks, they can look at Nitin Spinners. This textile stock has shot up over 11 per cent in the last one week and has the potential to continue its bull run further. Experts said that Nitin Spinners makes cotton yarn used for technical textile and hence the stock may continue to go northward.
Speaking on how this PLI scheme benefit will trickle down to this Dolly Khanna portfolio stock; Ravi Singhal, Vice Chairman at GCL Securities said, "After the cabinet nod to PLI scheme for textile products, companies dealing in man-made textile and technical textile will get major benefit of this government's move. This will help export-oriented textile companies as well. Since Nitin Spinners fulfills all these criteria, it can be a major beneficiary of the PLI scheme for textile. In fact, the stock is already catching attention of market bulls as it shot up more than 4 per cent yesterday."
Unveiling major levels in regard to this Dolly Khanna portfolio stock; Sumeet Bagadia, Executive Director at Choice Broking said, "Nitin Spinners has strong support at ₹210. One can buy this counter at current levels for the immediate target of ₹245 to ₹260 maintaining stop loss at ₹210."
Dolly Khanna share holding in Nitin Spinners
As per the shareholding pattern of Nitin Spinners for April to June 2021 period, Dolly Khanna holds 6,95,095 shares of the company, which is around 1.24 per cent of the net company shares.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.