Textile Stocks Rally: Vardhman Textiles Jumps 9.39%, Welspun Living 6.46%, Trident 3.01% on India-US Trade Deal Optimism

Mumbai, October 23: The Indian stock market has resumed trading today, after two days of holidays owing to Diwali and Balipratipada. Today, from the start of the market session, textile stocks have been witnessing strong investor demand. As of 10:40 AM, prominent textile companies such as Vardhman Textiles, Welspun Living and Trident were trading in the green as demand continues to be strong.

Textile Stocks in the Green (As of 10:40 AM)

Vardhman Textiles Limited’s share price was up by 9.39%, or 38.35 points, and was trading at ₹446.60. The stock’s traded volume was at 68.46 lakh shares, with the company’s market cap at ₹11,808 crore. Welspun Living Limited’s share price was up by 6.46%, or 7.91 points, and was trading at ₹130.44. The traded volume for the stock stood at 1.13 crore shares, with the company’s market cap at ₹11,908 crore. Lastly, Trident Limited’s share price was up by 3.01%, or 0.85 points, and was trading at ₹29.05. The stock’s traded volume stood at 1.33 crore shares, with the company’s market cap at ₹14,371 crore.

Potential US-India Trade Agreement Key Trigger

The strong demand for textile stocks comes after investors showed increased demand on hopes of trade negotiations between the US and India. It is expected that if an agreement is reached between US President Donald Trump and Indian Prime Minister Narendra Modi, the US may reduce the current 50% tariffs on Indian imports to 16%. If this happens, it is likely to benefit textile companies as they were the worst hit when the 50% tariffs were announced. Furthermore, such tariff reductions could boost textile exports from India, positively affecting textile companies.

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