The development of preferred grain orientation has been investigated in the directionally solidified samples of Tb0.3Dy0.7Fe1.95 as a function of pulling speed viz. 10, 40, 70 and 100 cm/h. The study indicates that at lower solidification rate (10 cm/h) growth of and texture components are preferred, whereas, texture component becomes dominant at higher pulling rate (100 cm/h). However, as the solidification progresses, growth of texture component is observed subduing the other components. Consequently, the magnetostriction improves from 1100 to 1350 micro-strains with higher pulling speed.