The shares of several export-oriented shrimp feed and textile companies dropped in trade on September 11 (Thursday). This comes as investors may have resorted to profit booking, a day after the stocks recorded massive gains.
The stocks had seen significant surge on September 10 (Wednesday) after US President Donald Trump said Washington and New Delhi will resume negotiations to resolve the ongoing trade frictions.
Apex Frozen Foods shares dropped over 4 percent to trade at Rs 246.28 apiece in the morning, while those of Avanti Feeds plunged 4 percent to trade at Rs 728.60 apiece. The two stocks had rallied 17 percent and 15 percent respectively yesterday.
Among the textile stocks, Welspun Living shares dropped over 2 percent to trade at Rs 122.50 apiece. Raymond Lifestyle shares meanwhile fell nearly 2 percent to trade at Rs 1,286 apiece. The stocks had jumped 10 percent and 2 percent respectively the previous day.
In a social media post on Truth Social, Trump announced, "I am pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations."
"I look forward to speaking with my very good friend, Prime Minister Narendra Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!" he further wrote.
The shares of these export-oriented companies had significantly declined earlier after the Trump administration increased tariffs on Indian imports to a whopping 50 percent, citing New Delhi's continued purchase of Russian oil. However, Trump's latest comment may have boosted investor sentiment on the possibility of the two countries concluding their long-awaited tariff deal.
Additionally, the US Supreme Court has agreed to decide the legality of Donald Trump's sweeping global tariffs. This comes after a lower court ruled that Trump’s tariffs were illegal.
Also read: Our LIVE blog on stock market updates
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