India-UK Trade Pact Sparks Market Flurry in Key Sectors
On Thursday, shares in textile, leather, pharmaceutical, and auto sectors surged as India and the UK prepared to sign a free trade agreement. The deal will boost exports of labor-intensive products to the UK and reduce tariffs on British whisky and cars, positively influencing related stocks.
- Country:
- India
In Thursday's trade, shares in sectors such as textiles, leather, pharmaceuticals, and autos garnered attention in anticipation of a trade agreement between India and the UK.
Set to be signed in London, the deal will permit the export of labor-intensive products like leather, footwear, and clothing at concessional rates, while reducing costs on imports, including whisky and cars, from Britain.
Despite a generally weak equity market trend, leather stocks such as AKI India Ltd, Zenith Exports, and others traded between 1-5% higher on the BSE. Textile and pharmaceutical stocks also saw gains, alongside notable climbs by Tata Motors and Sona BLW Precision Forgings.
(With inputs from agencies.)
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