Textile and Leather Stocks Skyrocket on US-India Trade Deal
Textile and leather stocks surged up to 20% after a US-India trade agreement lowered tariffs on Indian goods from 25% to 18%. This bolstered Indian equity markets, impacting sectors like textiles and apparel positively. Major stocks like Gokaldas Exports and Welspun Living saw significant gains.
- Country:
- India
Textile and leather stocks soared by as much as 20% on Tuesday, responding positively to a groundbreaking trade agreement between India and the United States. Under the deal, Washington agreed to reduce the existing reciprocal tariffs on Indian goods from 25% to 18%.
Gokaldas Exports rocketed by 20%, while Welspun Living saw a substantial hike of 19.85%. Other major gainers included Garware Technical Fibres, up 17.07%, and K P R Mill, surging 15.31%, among others on the BSE. Concurrently, India's BSE Sensex climbed by a staggering 4,205.27 points, peaking during the day.
The deal, confirmed after a conversation between US President Donald Trump and Prime Minister Narendra Modi, is set to ease trading conditions for labor-intensive sectors such as textiles, apparel, leather, and marine, amid previous tariff challenges. The easing of these tariffs is expected to spur broader financial growth in associated industries.
Google News