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Shares of cotton stocks such as Vardhman Textile, Gokaldas Exports, Welspun Living, Ambika Cotton Mills, Indo Count Industriesgained up to 9% on Tuesday, August 19, after the Centre removed 11% import duty on
raw cotton till September 30.
The Finance Ministry issued a notification via the Central Board of Indirect Taxes and Customs on Monday, removing the basic customs duty as well as the Agriculture Infrastructure and Development Cess on the imports, giving temporary relief to the textile and garment industry amid concerns regarding the Trump tariffs.
On Thursday, July 31, US President Donald Trump had announced that India would have to pay a 25% tariff on August, along with a penalty for buying oil from Russia.
The government's move is to mitigate from pressure of a larger tariff of 50% imposed by the US government on Indian exports, the deadline for which is August 27.
The exemption will benefit the textile chain including yarn, fabric, garments and made-ups.
Shares of Vardhaman Textiles, Indo Count Industries, Gokaldas Exports, Welspun Living, Ambika Cotton Mills are trading up to 9% higher around 9.35 am on Tuesday.
Also Read: Inox Wind sells stake worth ₹175 crore in its subsidiary at a ₹7,400
crore valuation
The Finance Ministry issued a notification via the Central Board of Indirect Taxes and Customs on Monday, removing the basic customs duty as well as the Agriculture Infrastructure and Development Cess on the imports, giving temporary relief to the textile and garment industry amid concerns regarding the Trump tariffs.
On Thursday, July 31, US President Donald Trump had announced that India would have to pay a 25% tariff on August, along with a penalty for buying oil from Russia.
The government's move is to mitigate from pressure of a larger tariff of 50% imposed by the US government on Indian exports, the deadline for which is August 27.
The exemption will benefit the textile chain including yarn, fabric, garments and made-ups.
Shares of Vardhaman Textiles, Indo Count Industries, Gokaldas Exports, Welspun Living, Ambika Cotton Mills are trading up to 9% higher around 9.35 am on Tuesday.
Also Read: Inox Wind sells stake worth ₹175 crore in its subsidiary at a ₹7,400
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