Footwear Stocks Surge: Mirza International Soars 20% - PTI

New Delhi, Feb 1 (PTI) Stocks related to footwear and leather sectors jumped on Saturday after Finance Minister Nirmala Sitharaman said a focused scheme will be launched for the sectors.

Mirza International zoomed 19.98 per cent to hit the upper circuit limit on the BSE.

The stocks of Campus Activewear soared 7.26 per cent, Bata India climbed 6.39 per cent, Metro Brands went up by 4.35 per cent, Lehar Footwears surged 3.22 per cent and Relaxo Footwears ended 1.20 per cent higher.

The government on Saturday announced a focused product scheme for footwear and leather sectors to enhance its productivity, quality and competitiveness.

Sitharaman said the scheme will support design capacity, component manufacturing, and machinery required for the production of non-leather quality footwear.

The scheme, she said, is expected to facilitate employment for 22 lakh people, generate turnover of Rs 4 lakh crore and exports of over Rs 1.1 lakh crore.

"To enhance the productivity, quality, and competitiveness of India's footwear and leather sector, a focus product scheme will be implemented," she said.

The country's leather and footwear exports are expected to touch USD 6 billion in the current financial year on account of healthy demand in key global markets.

The exports were USD 4.69 billion in 2023-24.

To promote leather exports, she also announced a full exemption of customs duty on wet blue leather.