Gokaldas Exports, other textile shares surge up to 15% on US trade deal optimism

Shares of Gokaldas Exports and other peers from the textile industry surged up to 15% on Thursday, October 23, on rising optimism of a trade deal with the US.

Shares of Gokaldas Exports gained up to 12%, while Kitex Garments shares are up 14%. Shares of Vardhman Textiles, Nitin Spinners, Welspun Living, and Indo Count Industries, are also up between 6% to 10%.

The US has currently imposed a 50% tariffs on Indian exports to the US, with textiles being the most impacted.

Most of these companies have the US as their largest client base, with 50% to 70% of their overall topline coming from the world's biggest consumer market.

US President Donald Trump reiterated that the US is "working on some great deal with India," and that India will not be buying much oil from Russia, which was a contrast to earlier statements, which said that India will stop buying oil from Russia altogether.

The US administration had first imposed a 25% tariff on Indian exports, as a deal could not be struck within the specified deadline, and later imposed another 25% tariff, accusing India of buying oil from Russia, in context of the Russia-Ukraine war. This took the total tariff on Indian exports to 50%.

Shares of Gokaldas Exports are down 23% so far in 2025, while those of Indo Count Industries are down 17%. Shares of Nitin Spinners and Welspun Living are down 24% and 20% respectively so far this year. Shares of KPR Mill have outperformed, rising 9% so far on a year-to-date basis.