India-UK Trade Pact Boosts Market Dynamics
The upcoming India-UK free trade agreement, anticipated to be signed in London, has spotlighted shares in textile, leather, pharmaceutical, and auto sectors. The deal promises beneficial export terms for Indian goods like leather and textiles, while reducing import costs for British whisky and cars.
- Country:
- India
Amid anticipation surrounding the new trade agreement between India and the UK, stock markets reflected optimism on Thursday. This pact is expected to invigorate key industries, enabling India to export products such as leather, footwear, and textiles at concessional rates.
The agreement, set to be inked in London, also aims to slash import expenses for British goods like whisky and cars. Highlighting this development, stocks in the leather sector, such as AKI India Ltd and Zenith Exports, witnessed gains amidst a generally tepid market.
In addition, pharmaceutical giants like Dr Reddys Laboratories and Sun Pharma traded in the positive, while Tata Motors saw a notable climb. Announced on May 6, the trade deal's conclusion between these nations could potentially revolutionize multi-sector exports, as per FIEO.
(With inputs from agencies.)
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