Shares of textile and shrimp companies surged sharply on October 29, after US President Donald Trump hinted at the possibility of a trade deal with India soon, improving investor sentiment in export-oriented sectors.
At the APEC CEO Summit in South Korea, Trump said he holds great respect for Prime Minister Narendra Modi and added that he plans to “do a trade deal with India.”
The remarks lifted market confidence, as investors expect potential tariff reductions on Indian exports to the US — a move that could significantly benefit India’s textile and shrimp industries.
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“I hold great respect for Prime Minister Narendra Modi,” Trump said during his address, adding that he is going to “do a trade deal with India.”
He also mentioned earlier discussions with PM Modi about India’s conflict with Pakistan, calling Modi the “nicest looking guy” and “like a father.”
Export-oriented shrimp firms saw notable gains:
Apex Frozen Foods surged over 4% to around ₹248 per share.
Coastal Corporation rose more than 2%.
Avanti Feeds recovered from earlier losses, turning positive after dropping 2% earlier in the day.
These companies derive a significant portion of their revenue from US exports, making them sensitive to trade policy changes.
Textile exporters gained on hopes of improved trade terms:
Gokaldas Exports and Pearl Global Industries jumped around 4% each.
Raymond Lifestyle advanced over 2%.
KPR Mill also recovered earlier losses, trading nearly flat after the announcement.
These sectors had earlier faced sharp declines when the Trump administration hiked tariffs on Indian imports to 50%, citing India’s continued purchase of Russian oil.
Now, with renewed optimism over a potential trade agreement, market participants expect relief for exporters dependent on the US market.
Trump’s comments have sparked a strong rebound in India’s export-focused textile and seafood stocks, as hopes rise for a reduction in US import tariffs through a possible India-US trade deal.
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