Vardhman Textiles shares jump nearly 7% as US slaps higher tariffs on Bangladesh exports
Shares of Vardhman Textiles Ltd surged by nearly 7% on Tuesday, July 8, reaching ₹532.85 in early trade, after the Donald Trump administration in the US announced a 35% tariff on imports from Bangladesh overnight. The stock gained ₹34.15 from its previous close of ₹498.70, supported by optimism that Indian textile exporters could gain from the policy change.
The higher tariff on Bangladeshi goods, though marginally lower than the 37% proposed in April, is still much higher than the baseline 10% rate. The US also left the door open for negotiations before the new rates come into effect on August 1.
Vardhman Textiles was not alone in its rally. Shares of Gokaldas Exports, KPR Mill, Arvind, Siyaram Silk Mills, and Nahar Spinning Mills also rose between 2% and 7% in early trade as investors bet on Indian firms benefiting from a shift in US orders.
The move comes days after the US struck a trade deal with Vietnam, imposing 20% tariffs on Vietnamese exports and 40% on goods transshipped via Vietnam to evade duties.
The tariff changes have boosted sentiment in India's textile sector, positioning domestic manufacturers to capture greater market share in the US.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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