The announcement by Union Textile Minister, Dayanidhi Maran, regarding stimulus to domestic manufacturing industry, pushed stocks in the recent trading at the Bombay Stock Exchange. The minister acknowledged the unfavorable conditions faced by small manufacturing units, and promised to help the ailing sector by releasing funds worth Rs 2,546 crore for upgrading textile units.

Mr. Maran claimed that all applications under the technology upgradation fund scheme (TUFS) have been cleared, and benefits will be transferred within few days in the respective accounts of beneficiaries who applied under the scheme up to June 30, 2009.

The minister added: "Within six days, my teams of officers have been able to process all applications filed before June 30 and work out the mechanism for crediting the amounts in the accounts of the beneficiaries in a record period of three days."

Meanwhile, shares of almost all textile companies rose at the BSE. Stocks of Alok Industries, Arvind Limited and Bombay Dyeing reported an increase of 3.23 per cent,
2.85 per cent and 4.04 per cent respectively in the early morning session at the stock exchange.