Nahar Spinning Mills shares rise over 3% as US tariffs on Bangladesh boost Indian textile sentiment
Shares of Nahar Spinning Mills Ltd climbed by over 3% on Tuesday, July 8, trading at ₹286.50, up ₹8.60 from the previous close of ₹277.90, after the US administration announced a 35% tariff on imports from Bangladesh overnight. The stock touched an intraday high of ₹295, with a day range of ₹282.10–₹295.00, reflecting investor optimism that Indian textile exporters could benefit from the policy shift.
The US move, though slightly lower than the 37% tariff proposed earlier, remains significantly above the baseline rate of 10%. The tariffs, scheduled to come into effect on August 1, leave room for negotiation in the interim.
Other Indian textile stocks, including Vardhman Textiles, Gokaldas Exports, Siyaram Silk Mills, and KPR Mill, also rose between 2% and 7% in morning trade as markets reacted to the potential competitive advantage for Indian manufacturers in the US market.
The development follows last week's US-Vietnam trade agreement, which imposed 20% tariffs on Vietnamese exports and even higher rates on transshipped goods, signaling a broader protectionist trend that could favor Indian textile companies.
Ahmedabad Plane Crash
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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