Alok Industries, Trident, Raymond Lifestyle, other textile shares surge after US imposes 35% tariff on Bangladesh

Shares of textile manufacturers were witnessing strong buying interest on Tuesday, July 8, after United States imposed 35% tariff on all goods from Bangladesh making India an attractive destination to procure textiles from, analysts said.

Shares such as Alok Industries rose 11%, Raymond Lifestyle jumped by 7.9%, Vardhman Textiles gained 7.5%, Trident jumped 5.4%, KPR Mills surged 3.9%, Welspun Living rose 2.8%, Arvind advanced 1.7%, Gokaldas Exports rose 5.76% and Indo Count Industries gained 4.38% were among the top gainers in the textile space.

US President Donald Trump on Monday escalated his trade offensive by announcing steep tariff hikes on a wide range of countries — from strategic partners like Japan and South Korea to smaller trading nations. The new levies, set to take effect August 1, mark a more aggressive phase in the trade war Trump initiated earlier this year.

A uniform 25% tariff will be imposed on all goods imported from Japan and South Korea. In a sweeping move, Trump also announced differentiated tariff rates on a number of other nations. 25% on imports from Tunisia, Malaysia, and Kazakhstan, 30% on South Africa and Bosnia and Herzegovina, 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand and 40% on Laos and Myanmar.

Meanwhile, Trump struck a positive note on India, saying a trade agreement was nearing completion.

“We've made a deal with the United Kingdom, we've made a deal with China... We're close to making a deal with India,” he said. “Others we met with, and we don't think we’re going to be able to make a deal, so we just send them a letter. If you want to play ball, this is what you have to pay.”

The comments coincided with the administration’s rollout of the first batch of official letters to affected countries, outlining the tariffs that will soon apply to their exports to the US.

As of 10:21 am, most of the textile shares were witnessing strong buying interest in an otherwise subdued session.