India-US Trade Deal Boosts Seafood and Chemicals Stocks

Shares of seafood exports and specialty chemicals companies surged as India and the US reached a trade agreement, lowering reciprocal tariffs from 25% to 18%. This development is expected to relieve pressure on Indian exports like textiles and pharmaceuticals, enhancing trade dynamics between the two nations.

In a significant development on the trade front, shares of companies involved in seafood exports and specialty chemicals rose sharply on Tuesday. This surge followed the announcement of a trade deal between India and the United States which will see Washington reduce tariffs on Indian goods from 25% to 18%.

Avanti Feeds and Apex Frozen Foods, two major players in the seafood export sector, witnessed a 20% jump, closing at Rs 960.60 and Rs 351.10 per share, respectively. Other notable gains were seen in Zeal Aqua and Kings Infra Ventures, which experienced a rise of 10.58% and 7.64% respectively.

The agreement has been welcomed by Indian exporters who faced challenges exporting to the U.S. due to high tariffs. Munjal Almoula of BDO India highlighted that this move, along with recent policy changes, positions India favorably towards achieving economic growth targets. The BSE Sensex and NSE Nifty also reflected this optimism, closing at record highs.

(With inputs from agencies.)