The stocks of companies in the seafood exports and specialty chemicals sectors witnessed a significant rally following a landmark trade agreement between India and the United States. The deal, announced on Monday, will see Washington reducing tariffs on Indian goods from the current rate of 25% to 18%, leading to bustling activity on the BSE.
This momentum saw companies like Avanti Feeds and Apex Frozen Foods reaching their upper circuit limits and hitting new 52-week highs in the early trading hours. Specialty chemicals companies, including Aarti Industries and Atul Ltd, also reported substantial gains, demonstrating positive investor sentiment across these sectors.
Gems and jewellery stocks sparkle on India-US trade deal
The reduction in tariffs comes as a relief to various labor-intensive sectors, which had been grappling with export challenges due to the earlier higher tariffs. The Seafood Exporters Association of India expects exports to the United States to recover, marking a hopeful turnaround for the industry.
