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3% to 5%

Hindustan Unilever Ltd (HUL) shares gained nearly 3 percent on Thursday after the company reported a better-than-expected performance for the September quarter, aided by a one-off tax gain.

The FMCG major posted a 4 percent year-on-year increase in consolidated net profit for the July-September quarter (Q2 FY26) at Rs 2,694 crore. Revenue from operations rose 2 percent to Rs 16,061 crore, the company said in a regulatory filing.

<a href="https://www.moneycontrol.com/news/business/earnings/hul-q2-net-profit-up-3-yoy-to-rs-2-690-crore-beats-estimates-rs-19-per-share-dividend-declared-13628461.html" target="_blank">HUL Q2 net profit up 4% on one-off tax gain; revenue flat amid GST transition; Rs 19 dividend declared</a>

Underlying sales growth stood at 2 percent, while underlying volume growth was flat. The company said its quarterly performance reflected the temporary impact of GST rate changes and extended monsoon conditions in several regions.

HUL’s Board of Directors declared an interim dividend of Rs 19 per share for the financial year ending March 31, 2026.

Priya Nair, Chief Executive Officer and Managing Director, said the company delivered a “competitive performance” despite short-term disruptions. She termed the recent GST reforms a “positive step” likely to support consumption once market conditions stabilise.

Following the earnings announcement, <a href="https://www.moneycontrol.com/india/stockpricequote/personal-care/hindustanunilever/HU" target="_blank">HUL</a> shares rose to an intraday high of Rs 2,667.2 per share on the NSE, rising 2.91 percent. The Nifty FMCG index gained over 1 percent, with stocks such as <a href="https://www.moneycontrol.com/india/stockpricequote/food-processing/varunbeverages/VB05" target="_blank">Varun Beverages</a>, Colgate-Palmolive (India) and Marico also advancing up to 2 percent.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

A financial journalist with over 10 years of experience, specialising in tracking stock market movements and fundamental developments that impact investors and the broader economy. A keen observer of global financial markets, I regularly engage with leading market voices to write stories. At Moneycontrol, I focus on decoding market trends, policy shifts and economic changes, driven by a constant passion to learn, analyse, and share knowledge with my readers.

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HUL shares up 2% as September quarter results beat estimates, FMCG index rises over 1%

Hindustan Unilever Ltd (HUL) shares gained nearly 3 percent on Thursday after the company reported a better-than-expected performance for the September quarter, aided by a one-off tax gain.

The FMCG major posted a 4 percent year-on-year increase in consolidated net profit for the July-September quarter (Q2 FY26) at Rs 2,694 crore. Revenue from operations rose 2 percent to Rs 16,061 crore, the company said in a regulatory filing.

HUL Q2 net profit up 4% on one-off tax gain; revenue flat amid GST transition; Rs 19 dividend declared

Underlying sales growth stood at 2 percent, while underlying volume growth was flat. The company said its quarterly performance reflected the temporary impact of GST rate changes and extended monsoon conditions in several regions.

HUL’s Board of Directors declared an interim dividend of Rs 19 per share for the financial year ending March 31, 2026.

Priya Nair, Chief Executive Officer and Managing Director, said the company delivered a “competitive performance” despite short-term disruptions. She termed the recent GST reforms a “positive step” likely to support consumption once market conditions stabilise.

Following the earnings announcement, HUL shares rose to an intraday high of Rs 2,667.2 per share on the NSE, rising 2.91 percent. The Nifty FMCG index gained over 1 percent, with stocks such as Varun Beverages, Colgate-Palmolive (India) and Marico also advancing up to 2 percent.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of Indian IT companies jumped in morning trade on October 23 amid rising hopes for a trade deal between India and US, along with other key factors. The sharp rise in the share prices pushed the <a href="https://www.moneycontrol.com/indian-indices/nifty-it-19.html">Nifty IT</a> index up more than 3 percent to 36,418.80, as seen at 10.40 am.

Nifty IT has now emerged as the top gaining sectoral index on the market today. Notably, it has crossed the 36,000-mark for the first time in more than one month.

Infosys promoters opt out of Rs 18,000-crore share buyback:

<a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/infosys/IT">Infosys</a> shares were the top gainer on the index, jumping nearly 5 percent to trade at Rs 1,542.80 apiece. This comes after promoters and promoter group, including Nandan M Nilekani and Sudha Murty, decided <a href="https://www.moneycontrol.com/news/business/markets/infosys-rises-4-as-promoters-opt-out-of-rs-18-000-crore-share-buyback-nifty-it-surges-2-4-13628303.html">not to participate in the company's Rs 18,000 crore share buyback</a>.

"The promoters' decision to opt out of the buyback signals confidence in future prospects and improves the entitlement ratio for retail investors," Saurabh Jain, assistant vice president of retail equities at SMC Global told Reuters.

HCLTech, Mphasis, <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/persistentsystems/PS15">Persistent Systems</a> and Tata Consultancy Services (<a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/tataconsultancyservices/TCS">TCS</a>) shares gained nearly 3 percent each, while <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/techmahindra/TM4">Tech Mahindra</a> and <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/wipro/W">Wipro</a> shares were up more than 2 percent each. Coforge and <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/ltimindtree/LI12">LTIMindtree</a> shares gained around 2 percent each.

Growth Optimism

The companies remain optimistic about the second half of the ongoing financial year 2026. While announcing its Q2 results, HCL Tech retained its full-year FY26 revenue growth guidance at 3-5 percent in constant currency terms. Within this, HCL Tech raised its services segment growth guidance to 4-5 percent from 3-5 percent earlier - now the highest among India’s top five IT firms.

Promoters not cashing out signals confidence in the business prospects, and adding to the overall investor bullishness in IT sector, Anita Gandhi, founder and head of institutional business at Arihant Capital Markets told Reuters.

US to reduce tariffs on Indian imports to 15-16%, says report:

According to a report by Mint, India and US are engaged in extensive and advanced discussions on the deal, which may see the tariffs on Indian exports to US reduce to 15-16 percent, from the current 50 percent.

India may agree to reduce its imports of Russia oil, as part of the trade deal, and may also allow in more non-genetically modified (GM) American corn and soymeal into its markets, the report added citing people familiar with the matter.

While the Trump tariffs did not directly impact the IT companies, the souring relations between the two countries bore an impact on the firms. The rising possibility of a trade deal, implying better relations between India and US, may have boosted the shares of the IT companies, who derive a major portion of their revenue from the American market.

IT sector will be one of the beneficiaries of a potential India-U.S. trade agreement. A few deals could've been stuck because of the trade uncertainties, Arun Malhotra, fund manager at CapGrow Capital told Reuters.

US to curb software exports to China:

Additionally, reports said that US is considering to curb exports of its software to China. The new export curbs, which would include goods ranging from laptops to jet engines, are some of the measures being considered in retaliation to China's latest round of rare earth export restrictions. These restrictions may be beneficial to Indian IT majors as they might look to become the suppliers of such software instead of the US, Informist reported.

US Fed rate cut hopes:

The sharp rise also comes amid hopes for more rate cuts by the Federal Reserve. The American central bank is expected to lower the interest rate by a quarter point to 3.75-4 percent on October 29, according to a Reuters poll. The majority expect another cut in December.

A rate cut by the Fed will likely improve the discretionary spending in US, which in turn may benefit the IT companies.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-23-10-2025-liveblog-13627799.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

IT stocks surge up to 5% on India-US trade deal hopes, four other reasons; Nifty IT index hits one-month high

The shares of Indian IT companies jumped in morning trade on October 23 amid rising hopes for a trade deal between India and US, along with other key factors. The sharp rise in the share prices pushed the Nifty IT index up more than 3 percent to 36,418.80, as seen at 10.40 am.

Nifty IT has now emerged as the top gaining sectoral index on the market today. Notably, it has crossed the 36,000-mark for the first time in more than one month.

Infosys promoters opt out of Rs 18,000-crore share buyback:

Infosys shares were the top gainer on the index, jumping nearly 5 percent to trade at Rs 1,542.80 apiece. This comes after promoters and promoter group, including Nandan M Nilekani and Sudha Murty, decided not to participate in the company's Rs 18,000 crore share buyback.

&quot;The promoters' decision to opt out of the buyback signals confidence in future prospects and improves the entitlement ratio for retail investors,&quot; Saurabh Jain, assistant vice president of retail equities at SMC Global told Reuters.

HCLTech, Mphasis, Persistent Systems and Tata Consultancy Services (TCS) shares gained nearly 3 percent each, while Tech Mahindra and Wipro shares were up more than 2 percent each. Coforge and LTIMindtree shares gained around 2 percent each.

Growth Optimism

The companies remain optimistic about the second half of the ongoing financial year 2026. While announcing its Q2 results, HCL Tech retained its full-year FY26 revenue growth guidance at 3-5 percent in constant currency terms. Within this, HCL Tech raised its services segment growth guidance to 4-5 percent from 3-5 percent earlier - now the highest among India’s top five IT firms.

Promoters not cashing out signals confidence in the business prospects, and adding to the overall investor bullishness in IT sector, Anita Gandhi, founder and head of institutional business at Arihant Capital Markets told Reuters.

US to reduce tariffs on Indian imports to 15-16%, says report:

According to a report by Mint, India and US are engaged in extensive and advanced discussions on the deal, which may see the tariffs on Indian exports to US reduce to 15-16 percent, from the current 50 percent.

India may agree to reduce its imports of Russia oil, as part of the trade deal, and may also allow in more non-genetically modified (GM) American corn and soymeal into its markets, the report added citing people familiar with the matter.

While the Trump tariffs did not directly impact the IT companies, the souring relations between the two countries bore an impact on the firms. The rising possibility of a trade deal, implying better relations between India and US, may have boosted the shares of the IT companies, who derive a major portion of their revenue from the American market.

IT sector will be one of the beneficiaries of a potential India-U.S. trade agreement. A few deals could've been stuck because of the trade uncertainties, Arun Malhotra, fund manager at CapGrow Capital told Reuters.

US to curb software exports to China:

Additionally, reports said that US is considering to curb exports of its software to China. The new export curbs, which would include goods ranging from laptops to jet engines, are some of the measures being considered in retaliation to China's latest round of rare earth export restrictions. These restrictions may be beneficial to Indian IT majors as they might look to become the suppliers of such software instead of the US, Informist reported.

US Fed rate cut hopes:

The sharp rise also comes amid hopes for more rate cuts by the Federal Reserve. The American central bank is expected to lower the interest rate by a quarter point to 3.75-4 percent on October 29, according to a Reuters poll. The majority expect another cut in December.

A rate cut by the Fed will likely improve the discretionary spending in US, which in turn may benefit the IT companies.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Gold loan companies came under selling pressure on Thursday as prices of the yellow metal extended their pullback from record highs amid profit booking in the bullion market.

Shares of <a href="https://www.moneycontrol.com/india/stockpricequote/finance-investments/muthootfinance/MF10">Muthoot Finance</a> slipped 4.29 percent to Rs 3,134.20 apiece on the NSE. The stock has declined for three straight sessions, losing nearly 6 percent during the period. <a href="https://www.moneycontrol.com/india/stockpricequote/finance-leasinghire-purchase/manappuramfinance/MGF01">Manappuram Finance</a> also fell 2.8 percent to Rs 277.90 per share.

Gold prices eased for the third consecutive day as investors booked profits after a recent rally. Globally, the metal edged lower towards the $4,000-an-ounce mark amid concerns that its sharp gains had become overstretched.

Weakness in gold prices typically weighs on gold financing companies as the value of collateral declines, impacting loan margins.

However, gold prices inched higher today after some profit booking in early trade.

<a href="https://www.moneycontrol.com/news/business/personal-finance/gold-silver-inch-up-on-mcx-but-global-pressure-weigh-on-sentiment-13627812.html" target="_blank">Gold, silver inch up on MCX but global pressure weigh on sentiment</a>

Spot gold was trading 0.5 percent lower. "Gold witnessed a sharp decline of 385 points (8 percent) from its recent peak, marking a potential trend reversal after reaching historically overbought levels. Monday’s close recorded the highest monthly Relative Strength Index (RSI) ever observed, indicating exhaustion in bullish momentum and setting the stage for a corrective phase,” said Tejas Shigrekar, Chief Technical Research Analyst – Commodities and Currencies at Angel One Ltd.

<a href="https://www.moneycontrol.com/news/business/personal-finance/gold-silver-inch-up-on-mcx-but-global-pressure-weigh-on-sentiment-13627812.html" target="_blank">With India’s festival season nearing its end, seasonal physical demand is expected to taper off, leaving prices vulnerable.</a>

"We anticipate further downside into November and December. Investor sentiment has shifted and traders are increasing their exposure to put options, positioning for continued weakness in the coming months," Shigrekar said.

Despite the recent correction, gold remains up about 55 percent so far this year, supported in part by expectations that the US Federal Reserve may deliver at least one quarter-point rate cut by the end of 2025.

(With inputs from Bloomberg) 

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Manappuram, Muthoot Finance decline up to 3% as gold prices fall for three days

Gold loan companies came under selling pressure on Thursday as prices of the yellow metal extended their pullback from record highs amid profit booking in the bullion market.

Shares of Muthoot Finance slipped 4.29 percent to Rs 3,134.20 apiece on the NSE. The stock has declined for three straight sessions, losing nearly 6 percent during the period. Manappuram Finance also fell 2.8 percent to Rs 277.90 per share.

Gold prices eased for the third consecutive day as investors booked profits after a recent rally. Globally, the metal edged lower towards the $4,000-an-ounce mark amid concerns that its sharp gains had become overstretched.

Weakness in gold prices typically weighs on gold financing companies as the value of collateral declines, impacting loan margins.

However, gold prices inched higher today after some profit booking in early trade.

Gold, silver inch up on MCX but global pressure weigh on sentiment

Spot gold was trading 0.5 percent lower. &quot;Gold witnessed a sharp decline of 385 points (8 percent) from its recent peak, marking a potential trend reversal after reaching historically overbought levels. Monday’s close recorded the highest monthly Relative Strength Index (RSI) ever observed, indicating exhaustion in bullish momentum and setting the stage for a corrective phase,” said Tejas Shigrekar, Chief Technical Research Analyst – Commodities and Currencies at Angel One Ltd.

With India’s festival season nearing its end, seasonal physical demand is expected to taper off, leaving prices vulnerable.

&quot;We anticipate further downside into November and December. Investor sentiment has shifted and traders are increasing their exposure to put options, positioning for continued weakness in the coming months,&quot; Shigrekar said.

Despite the recent correction, gold remains up about 55 percent so far this year, supported in part by expectations that the US Federal Reserve may deliver at least one quarter-point rate cut by the end of 2025.

(With inputs from Bloomberg) 

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/misc-commercial-services/urbancompany/UCL02">Urban Company</a> dropped more than 3 percent on October 23 after bearish noted by international brokerages Morgan Stanley and Goldman Sachs dampened investor sentiment.

The newly-listed stock was trading at Rs 153 apiece in the morning trading hours on Thursday.

Morgan Stanley on Urban Company:

Morgan Stanley initiated coverage on Urban Company with an ‘Underweight’ call and a target price of Rs 117 per share. This implies a downside potential of nearly 26 percent from the stock’s previous closing price of Rs 157.83 per share.

The international brokerage said that the company has a large addressable market in online home services, supported by strong moats. However, it initiated coverage on the stock with an ‘Underweight’ rating as the growth has already been priced in.

Core India consumer services NTV is expected to grow at a healthy 18-22 percent CAGR over FY25–28, Morgan Stanley added. High churn and supply constraints however will keep growth calibrated, it further said.

India consumer services may reach 30 percent adjusted EBITDA margin in the medium term, the brokerage said, while adding that valuation multiples will likely remain in-line with strong and established Indian internet peers.

Goldman Sachs on Urban Company:

Goldman Sachs initiated coverage on Urban Company with a ‘Neutral’ rating and a target price of Rs 140 per share. This implies a downside potential of more than 11 percent from the stock’s previous closing price.

The international brokerage views the company’s business model as defensible, with strong execution track record. It expects the firm to post a 24 percent revenue CAGR over FY25-30, and 35 percent EBITDA CAGR for India services (excluding InstaHelp).

Goldman believes that the business strength and outlook are already prices into its premium valuations. The company trades at 9x FY28E EV/sales, and 64x FY28E EV/EBITDA (excluding InstaHelp), it added. The brokerage noted that the stock trades at a premium to its internet peers, yet remains broadly in-line on a growth-adjusted basis.

Urban Company shares: Bumper market debut

Urban Company shares had made a <a href="https://www.moneycontrol.com/news/business/ipo/urban-company-share-price-stock-lists-at-57pc-premium-over-ipo-price-on-nse-over-gmp-trends-13552599.html">bumper market debut</a> on September 17, listing at a premium of over 57 percent over the IPO price at Rs 162.25 per share on the NSE. The shares gained further to close 64 percent higher than its IPO price on its debut day.

Urban Company stock performance so far:

The shares of the app-based beauty and home services platform continued to record strong gains for the next few sessions, rising around 24 percent in three sessions post debut to hit a high of Rs 201.18 per share on September 22. The shares of the company however sharply declined following that, dropping around 26 percent to hit a low of Rs 149.46 apiece on October 14.

At its low, the stock was down around 8 percent from its listing price of Rs 162.25 per share. It was however up more than 45 percent from its IPO price of Rs 103 apiece.

Urban Company shares are however still up more than 48.5 percent from its IPO price.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-23-10-2025-liveblog-13627799.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Urban Company shares drop 3% after Morgan Stanley's 'Underweight' call, Goldman Sachs remains 'Neutral'

The shares of Urban Company dropped more than 3 percent on October 23 after bearish noted by international brokerages Morgan Stanley and Goldman Sachs dampened investor sentiment.

The newly-listed stock was trading at Rs 153 apiece in the morning trading hours on Thursday.

Morgan Stanley on Urban Company:

Morgan Stanley initiated coverage on Urban Company with an ‘Underweight’ call and a target price of Rs 117 per share. This implies a downside potential of nearly 26 percent from the stock’s previous closing price of Rs 157.83 per share.

The international brokerage said that the company has a large addressable market in online home services, supported by strong moats. However, it initiated coverage on the stock with an ‘Underweight’ rating as the growth has already been priced in.

Core India consumer services NTV is expected to grow at a healthy 18-22 percent CAGR over FY25–28, Morgan Stanley added. High churn and supply constraints however will keep growth calibrated, it further said.

India consumer services may reach 30 percent adjusted EBITDA margin in the medium term, the brokerage said, while adding that valuation multiples will likely remain in-line with strong and established Indian internet peers.

Goldman Sachs on Urban Company:

Goldman Sachs initiated coverage on Urban Company with a ‘Neutral’ rating and a target price of Rs 140 per share. This implies a downside potential of more than 11 percent from the stock’s previous closing price.

The international brokerage views the company’s business model as defensible, with strong execution track record. It expects the firm to post a 24 percent revenue CAGR over FY25-30, and 35 percent EBITDA CAGR for India services (excluding InstaHelp).

Goldman believes that the business strength and outlook are already prices into its premium valuations. The company trades at 9x FY28E EV/sales, and 64x FY28E EV/EBITDA (excluding InstaHelp), it added. The brokerage noted that the stock trades at a premium to its internet peers, yet remains broadly in-line on a growth-adjusted basis.

Urban Company shares: Bumper market debut

Urban Company shares had made a bumper market debut on September 17, listing at a premium of over 57 percent over the IPO price at Rs 162.25 per share on the NSE. The shares gained further to close 64 percent higher than its IPO price on its debut day.

Urban Company stock performance so far:

The shares of the app-based beauty and home services platform continued to record strong gains for the next few sessions, rising around 24 percent in three sessions post debut to hit a high of Rs 201.18 per share on September 22. The shares of the company however sharply declined following that, dropping around 26 percent to hit a low of Rs 149.46 apiece on October 14.

At its low, the stock was down around 8 percent from its listing price of Rs 162.25 per share. It was however up more than 45 percent from its IPO price of Rs 103 apiece.

Urban Company shares are however still up more than 48.5 percent from its IPO price.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of shrimp and textile exporters rallied in early morning trade on October 23 amid rising hopes for India and US reaching a trade deal. This would likely result in reduction in tariffs levied on Indian exports to the US, benefitting the export-oriented sectors significantly.

US President Donald Trump has reiterated his claim that India has agreed to reduce its purchase of Russian oil, a key reason cited by him earlier for imposing harsh tariffs on the country. He claimed that Prime Minister Narendra Modi assured him during a phone call on Tuesday that "was not going to buy much oil from Russia" as he too "wants to see the war end with Russia-Ukraine".

Trump had earlier made a similar claim, although Indian foreign ministry said it was "not aware" of any phone call between the two leaders. Irrespective of that, the development has increased hopes for India and US to finalise their much-awaited trade deal.

US to reduce tariffs on Indian imports to 15-16%, says report:

According to a report by Mint, India and US are engaged in extensive and advanced discussions on the deal, which may see the tariffs on Indian exports to US reduce to 15-16 percent, from the current 50 percent.

India may agree to reduce its imports of Russia oil, as part of the trade deal, and may also allow in more non-genetically modified (GM) American corn and soymeal into its markets, the report added citing people familiar with the matter.

Moneycontrol couldn't independently verify the report.

Why are shrimp and textile stocks rallying?

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, the rising expectations of India-US finalizing on the trade deal boosted the export-oriented shrimp and textile stocks, who derive a significant portion of their revenue from the American market.

Top gainers among textile stocks:

<a href="https://www.moneycontrol.com/india/stockpricequote/textiles-readymade-apparels/gokaldasexports/GE05">Gokaldas Exports</a> shares rallied nearly 13 percent to trade at Rs 898.95 apiece in the early trading hours. <a href="https://www.moneycontrol.com/india/stockpricequote/textilesapparel/raymondlifestyle/RLL01">Raymond Lifestyle</a> shares jumped more than 4 percent, while <a href="https://www.moneycontrol.com/india/stockpricequote/textiles-readymade-apparels/kprmill/M15">KPR Mill</a> shares gained over 6 percent. <a href="https://www.moneycontrol.com/india/stockpricequote/textiles-readymade-apparels/pearlglobalindustries/HPF01">Pearl Global Industries</a> shares jumped around 7 percent.

Top gainers among shrimp stocks:

<a href="https://www.moneycontrol.com/india/stockpricequote/food-processing/apexfrozenfoods/AFF">Apex Frozen Foods</a> shares rallied around 13 percent to trade at Rs 261 apiece in the early trading hours. <a href="https://www.moneycontrol.com/india/stockpricequote/aquaculture/avantifeeds/AF21">Avanti Feeds</a> shares jumped 10 percent, while Coastal Corporation shares rallied around 20 percent to hit the upper circuit at Rs 44.80 apiece.

Notably, US accounted for 53 percent of exports sales for Apex Frozen in FY25. North America meanwhile contributed to 65.4 percent of total sales for Avanti Feeds, as of Q1 FY25.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-23-10-2025-liveblog-13627799.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Shrimp and textile stocks rally amid India-US trade deal hopes: Gokaldas Exports, Coastal Corp shares surge up to 20%

The shares of shrimp and textile exporters rallied in early morning trade on October 23 amid rising hopes for India and US reaching a trade deal. This would likely result in reduction in tariffs levied on Indian exports to the US, benefitting the export-oriented sectors significantly.

US President Donald Trump has reiterated his claim that India has agreed to reduce its purchase of Russian oil, a key reason cited by him earlier for imposing harsh tariffs on the country. He claimed that Prime Minister Narendra Modi assured him during a phone call on Tuesday that &quot;was not going to buy much oil from Russia&quot; as he too &quot;wants to see the war end with Russia-Ukraine&quot;.

Trump had earlier made a similar claim, although Indian foreign ministry said it was &quot;not aware&quot; of any phone call between the two leaders. Irrespective of that, the development has increased hopes for India and US to finalise their much-awaited trade deal.

US to reduce tariffs on Indian imports to 15-16%, says report:

According to a report by Mint, India and US are engaged in extensive and advanced discussions on the deal, which may see the tariffs on Indian exports to US reduce to 15-16 percent, from the current 50 percent.

India may agree to reduce its imports of Russia oil, as part of the trade deal, and may also allow in more non-genetically modified (GM) American corn and soymeal into its markets, the report added citing people familiar with the matter.

Moneycontrol couldn't independently verify the report.

Why are shrimp and textile stocks rallying?

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, the rising expectations of India-US finalizing on the trade deal boosted the export-oriented shrimp and textile stocks, who derive a significant portion of their revenue from the American market.

Top gainers among textile stocks:

Gokaldas Exports shares rallied nearly 13 percent to trade at Rs 898.95 apiece in the early trading hours. Raymond Lifestyle shares jumped more than 4 percent, while KPR Mill shares gained over 6 percent. Pearl Global Industries shares jumped around 7 percent.

Top gainers among shrimp stocks:

Apex Frozen Foods shares rallied around 13 percent to trade at Rs 261 apiece in the early trading hours. Avanti Feeds shares jumped 10 percent, while Coastal Corporation shares rallied around 20 percent to hit the upper circuit at Rs 44.80 apiece.

Notably, US accounted for 53 percent of exports sales for Apex Frozen in FY25. North America meanwhile contributed to 65.4 percent of total sales for Avanti Feeds, as of Q1 FY25.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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HUL shares up 2% as September quarter results beat estimates, FMCG index rises over 1%

IT stocks surge up to 5% on India-US trade deal hopes, four other reasons; Nifty IT index hits one-month high

Manappuram, Muthoot Finance decline up to 3% as gold prices fall for three days

Urban Company shares drop 3% after Morgan Stanley's 'Underweight' call, Goldman Sachs remains 'Neutral'

Shrimp and textile stocks rally amid India-US trade deal hopes: Gokaldas Exports, Coastal Corp shares surge up to 20%

Laminates/Decoratives Industry StocksCheck latest stock performance, list of stocks, earnings review & more details about the Laminates/Decoratives industry stocks.

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Earnings Review-Q2 FY25-26

Stock News

HUL shares up 2% as September quarter results beat estimates, FMCG index rises over 1%

IT stocks surge up to 5% on India-US trade deal hopes, four other reasons; Nifty IT index hits one-month high

Manappuram, Muthoot Finance decline up to 3% as gold prices fall for three days

Urban Company shares drop 3% after Morgan Stanley's 'Underweight' call, Goldman Sachs remains 'Neutral'

Shrimp and textile stocks rally amid India-US trade deal hopes: Gokaldas Exports, Coastal Corp shares surge up to 20%

Laminates/Decoratives Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Laminates/Decoratives industry stocks.