INDIA'S TEXTILE STOCKS RALLY AFTER U.S. IMPOSES HIGH TARIFFS ON BANGLADESH

Shares of domestic textile players rallied by over 8% on July 8 after U.S. imposed sweeping tariffs of 35% on Bangladesh. With the imposition of such high tariffs on Bangladesh, locally manufactured textile exports have become more competitive in comparision in global markets. Amongst the total imports of textile goods in the U.S., Vietnam holds a 19% share followed by Bangladesh which accounts for 9% market share and then with India that has a 6% share. Major textile exporters from India like

saw a 8% rise in stocks prices today, shares were higher by 2%, shares rallied 7% and stock jumped 2%. Further, counters like and also recorded impressive gains on the bourses. A trade deal between the US and India is expected soon. In case tariffs are lowered during the deal signing, India's competitive edge over other exporting countries and it's market share, are both likely to improve. In fact, analysts beleive that the scenario remains positive for India's textile manufacturers and they will find a competitive edge if favorable terms are secured in the deal.