Textile stocks trade mixed as Gokaldas slips 4%, Kitex rallies 11% on US Supreme Court tariff verdict
[hfe_template id='11223']
[ad_1]
Textile stocks traded mixed on Monday, with Gokaldas Exports falling 3% to hit the day’s low of Rs 766.25 on the NSE, while Indo Count and K.P.R. Mill slipped up to 1.3% in early trade as uncertainty over the tariff impact loomed. In contrast, Kitex Garments surged 11% to hit the day’s high of Rs 206, while Welspun Living and Pearl Global rose up to 4% intraday. While the US Supreme Court on Friday ruled President Donald Trump's tariffs illegal while noting he overstepped his authority, the clarity on global trade deals is still to come. The Indian government said that it was studying the implications of the court ruling. Following the SC decision, Trump slapped a 10% global tariff on Friday only to revise it upwards to 15% on Saturday. According to a White House fact sheet, the new levy will take effect at 12:01 a.m. ET on February 24. Trump said he was invoking Section 122 of the Trade Act of 1974 -- a rarely used provision that all...