Textile stocks rally up to 10% as Bangladesh port curbs likely to generate Rs 1k cr biz for domestic firms
The shares of Siyaram Silk Mills rose the highest by 10 per cent to an intraday high of Rs 797.35, followed by the shares of Faze Three, which surged by 6.8 per cent to Rs 667. This was further followed by Vardhman Textiles and Redtape shares, which increased by 6 per cent each in the intraday session.
Meanwhile, the shares of Kitex Garments and Raymonds hit their 5 per cent upper circuit in intraday trade.
The surge in the stocks came after industry experts said that the curb may bring in more business for the domestic players, however, its should be noted that certain branded garments may also see some supply issues in the winter season, which could raise prices of items like t-shirts and denims by 2-3 per cent .
'We were importing garments worth Rs 6,000 crore annually from Bangladesh. We can now expect imports worth Rs 1,000-2,000 crore to be replaced with Indian manufacturing,' said Sanjay K Jain, chairman of National Textile Committee, Indian Chamber of Commerce (ICC), according to previous ET reports.
Indian firms have been sourcing woven and knitted apparel from Bangladesh, leveraging the zero-duty benefit.
The Directorate General of Foreign Trade (DGFT) issued a notification on Saturday banning the import of garments and several other products from Bangladesh through land routes, while permitting shipments via Kolkata and Nhava Sheva ports.
Local industries had been pushing for such restrictions, raising concerns over the surge in textile imports from Bangladesh, driven by zero import duty.
The move is also aimed at curbing the indirect import of Chinese fabric, which otherwise attracts a 20 per cent import duty. Trade and industry stakeholders believe that Bangladesh stands to lose more than India due to the revised import policy.
In addition to this, the Free Trade Agreement (FTA) between India and the United Kingdom, finalised, is also poised to significantly boost India's textile exports to the UK, further enhancing the prospects of the industry.
'The agreement eliminates tariffs on 99 per cent of Indian goods, including apparel and home textiles, removing the current 8-12 per cent duty and placing Indian exporters on par with competitors like Bangladesh, Vietnam, and Pakistan. China leads UK textile imports (25 per cent share), followed by Bangladesh (22 per cent ), Turkey (8 per cent ), and Pakistan (6.8 per cent ). The FTA will enhance India's competitiveness in this market,' noted a report by ICRA.
'India's apparel and home textiles trade with the UK is projected to double in the next 5-6 years, with export volumes expected to grow at a compounded annual rate of 13 per cent ,' the report added.
Read More F.P. Journe Watches: In Pursuit of Precision And Perfection
India's textile exports are anticipated to rise from 7-8 per cent to 11-13 per cent by CY2027, a growth which will be supported by incremental capacity additions in the garmenting segment, creating employment opportunities and improving earnings for exporters.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
5 hours ago
- Business Wire
Rosen Law Firm Encourages Simulations Plus, Inc. Investors to Inquire About Securities Class Action Investigation
NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Simulations Plus, Inc. (NASDAQ: SLP) resulting from allegations that Simulations Plus may have issued materially misleading business information to the investing public. So What: If you purchased Simulations Plus securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. What to do next: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@ for information on the class action. What is this about: On July 15, 2025, during market hours, Benzinga published an article entitled 'Simulations Plus Sees Weaker Demand Persist, Outlook Softens.' The article stated that Simulations Plus shares had declined 'following the release of [Simulations Plus'] third-quarter 2025 earnings report.' The article stated that Simulations Plus had reported sales of $20.4 million, representing a 10% year-over-year increase, but this fell short of the consensus estimate of $20.9 million.' Further, '[t]his miss followed preliminary third-quarter sales figures released in June, which were already lower than expectations at $19 million to $20 million, compared to a consensus of $22.78 million.' On this news, the price of Simulations Plus stock fell 25.75% on July 15, 2025. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome.
Yahoo
5 hours ago
- Yahoo
What To Expect From Monday's OPEC+ Meeting
OPEC+ looks set to stay the course at Monday's Joint Ministerial Monitoring Committee meeting, with four anonymous delegates telling Reuters the group is unlikely to tinker with its output policy. A fifth source said it was too early to say. The plan on the table remains: raise production by 548,000 barrels per day in August—part of a previously announced unwinding of 2.2 million bpd in voluntary cuts by eight members. At face value, it's a logical move to regain market share while summer demand props up prices. But before anyone starts pricing in those extra barrels, a note of caution: these unnamed 'sources close to the matter' have been off the mark before—and not infrequently. The group itself hasn't commented directly ahead of the meeting. And as some analysts have wisely pointed out, actual production doesn't necessarily reflect production plans. The broader signals from OPEC+ in recent months suggest a carefully calculated pivot. The Saudi-led bloc had been curbing supply for years to support prices, but now—with U.S. gasoline costs under scrutiny and Washington pressuring for more output—it's finding a new equilibrium. The UAE's early delivery of its 300,000 bpd quota boost is emblematic of this shift. Even with these planned increases, oil prices remain rangebound. Brent was hovering around $69 on Friday—not exactly bullish, but not falling apart either. That's partly because not all members have actually met their hike targets, blunting the impact of quota expansions. OPEC's own monthly outlooks paint a balanced picture. The group expects solid demand through the second half of 2025, buoyed by travel and petrochemical growth, particularly in Asia. Yet it also flags persistent uncertainty—soft economic data, slowing Chinese momentum, and EV uptake all threaten demand stability. So, while the JMMC may recommend no change on Monday, take the whispers with a dose of skepticism. As always with OPEC+, the real policy signal often arrives only when the barrels—or lack thereof—hit the water. By Julianne Geiger for More Top Reads From this article on
Yahoo
5 hours ago
- Yahoo
Tariffs will drive up U.S. prices even with Trump trade deals, experts say
The new normal for U.S. tariffs on foreign goods starts at 15%. Even as President Trump seeks to forge new terms of trade with Japan, the European Union and other global economic partners, he is raising the floor for tariffs to their highest level in decades. Speaking at an AI summit on Wednesday, Mr. Trump said "we'll have a straight, simple tariff of anywhere between 15% and 50%," conditioning the lower rate on countries opening their economies to the U.S. The White House has said sharply higher tariffs could take effect on dozens of countries as soon as Aug. 1 unless they ink new trade deals. The Trump administration has a separate negotiating timeline with China, which faces an Aug. 12 deadline for an agreement. As these new rules of international commerce take shape, companies across a range of industries are emphasizing that higher tariffs translate into higher operational costs — and higher prices for consumers. For example, Nestlé on Thursday said it was considering hiking prices for candy bars and other products as tariffs threaten to eat into the food company's profit margins. The same day, Italian fashion brand Moncler said it has already hiked prices for its apparel to offset additional tariff-related costs. And General Electric said this week that proposed U.S. tariffs, should they take effect, would cost the company around $500 million in 2025, noting that it would move to offset those taxes through "cost controls and pricing actions." Orange juice importer Johanna Foods has gone a step further, this week filing a lawsuit against the Trump administration over its proposed 50% tariff on Brazil, which the New Jersey company said would seriously hurt its business and force it to hike product prices by up to 25%. The White House disputes that higher U.S. tariffs will drive up costs for businesses and consumers. "The administration has consistently maintained that the cost of tariffs will be borne by foreign exporters who rely on access to the American economy, the world's biggest and best consumer market," White House spokesman Kush Desai told CBS MoneyWatch in a statement. Desai also pointed to a recent analysis by the White House's Council of Economic Advisers that he said shows import prices falling this year. Price hikes not "instantaneous" Economists warn that consumers should brace for higher prices on a range of goods, from leather products and clothing to electronics and automobiles, later this year. "Up to now there has been only limited passthrough from tariffs into final consumer prices, but we still expect the impact to gradually mount in the second half of this year," Paul Ashworth, chief North America economist with Capital Economics, told investors in a research note. "Now that the Trump administration is concluding deals that would see the tariff rate facing most trading partners settling at between 15% and 20%, with even higher rates levied on Chinese imports, we suspect retailers will be forced to finally raise the prices paid by consumers." Inflation in the early part of 2025 remained fairly contained. That's because many companies and consumers accelerated their purchases of imported goods to avoid the risk of paying more if, or when, steep new tariffs take effect. Meanwhile, in the short-term, sharply higher prices are unlikely across the board, according to trade experts. "When you open up the hood of that, it's not going to be even across all categories of spending," Ernie Tedeschi, director of economics at the Budget Lab at Yale, told CBS MoneyWatch. "It's categories of spending where we import more that are going to be more sensitive to tariffs." But over the longer term, an increased baseline tariff, coupled wtih higher levies on individual countries, is projected to drive up U.S. prices by 2% over the next two years, according to an analysis from the Yale Budget Lab. "This isn't an instantaneous, 'We wake up the next morning and the world is different,'" Tedeschi added. But as the new U.S. tariff regime becomes embedded in global supply chains, some import-heavy product categories could see especially sharp price increases, he said. Specifically, foreign-made leather shoes and handbags, along with apparel, could see prices spike by at least 40%, while the cost of electronics could jump more than 20%, according to the Yale Budget Lab. Johnson says Jeffrey Epstein files controversy is not a hoax Idaho murders documents released after Bryan Kohberger is sentenced to life in prison The Sentencing of Bryan Kohberger | "48 Hours" Podcast
