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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Indian textile stocks defy market slump
So, shares of textile makers stood out Thursday, surging as much as 18%, as the 26% tariffs were on home furnishings and readymade garments from India paled in comparison with 54% levies on China, 46% for Vietnam, 37% for Bangladesh, and 30% for Pakistan.
In effect, Indian manufacturers stand to gain from the 'Liberation Day' announcements by the White House.
«The tariff on Indian textiles is lower than on other major exporting nations, which could enhance India's competitiveness and help expand its share in US textile exports,» said Gautam Shahi, Director at Crisil Ratings.
Vardhman Textiles surged 18%, while Nitin Spinners and Sportking India gained nearly 9%. Other textile companies, including Trident, Gokaldas Exports, S.P. Apparels, Raymond, Arvind, Sangam (India), Indo Count Industries, Baazar Style Retail, Siyaram Silk Mills, and Kitex Garments, saw gains of 5-8%.
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However, analysts cautioned that while India stands to benefit from the tariff differentials, higher duties could also push up end-product prices, potentially dampening demand in the medium term. «The extent to which these tariffs are passed on to consumers and any potential reversal of tariffs on India or competitors will be key factors to monitor,» Shahi added.
The US is India's largest textile export market, accounting for 28% of India's total textile exports, valued at $35 billion in FY24. Despite this, Indian textiles currently hold only a 9% share of the US market, trailing behind Vietnam (15%) and China (24%).
«We expect
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