New Delhi | Shares of Seafood exports and specialty chemicals-related companies rallied sharply on Tuesday after India and the US agreed to a trade deal under which Washington will reduce the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent.
The development sparked a rally across related counters on the BSE, with several stocks hitting upper circuit limits and 52-week highs in the early trade.
From the Seafood exports pack, Avanti Feeds and Apex Frozen Foods surged 20 per cent each to Rs 960.80 and Rs 351.10 apiece, respectively. Apex Frozen Foods also touched its 52-week high on the BSE.
Zeal Aqua jumped 12.14 per cent to Rs 11.45 apiece, while Kings Infra Ventures soared 13.02 per cent to Rs 145, Mukka Proteins rose 7.32 per cent to Rs 24.63, and IFB Agro Industries went up by 3.94 per cent to Rs 1,219.
Coastal Corporation advanced 5 per cent to Rs 47.72, also hitting its upper circuit limit.
Among speciality chemicals stocks, Aarti Industries surged 19 per cent to Rs 443.90, Atul Ltd soared 14.6 per cent to Rs 6,833, Neogen Chemicals climbed 14.30 per cent to Rs 1,439.50, and Gujarat Fluorochemicals appreciated by 11.5 per cent to Rs 3,386.55 on the BSE.
The scrip of SRF Ltd shares jumped 9.56 per cent to Rs 3,070.20, Navin Fluorine International climbed 9.09 per cent to Rs 6,443, its 52-week high, while Acutaas Chemicals appreciated 5.89 per cent to Rs 2,049.80, also marking its yearly peak, and Vinati Organics rose 7.7 per cent to Rs 1,609 apiece on the exchange.
Meanwhile, the 30-share BSE Sensex jumped 1,971.64 points, or 2.41 per cent, to 83,638.10, while NSE Nifty climbed 580.30 points, or 2.31 per cent, to 25,668.70 in the morning trade.
India and the US have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi.
The announcement assumes significance as several labour-intensive sectors like textiles, apparel, leather and marine were facing challenges to export goods to the US due to the 50 per cent tariffs.
Meanwhile, the Seafood Exporters Association of India (SEAI) said on Tuesday, following months of declining shipments, that India's seafood exports to the United States are expected to recover after Washington agreed to cut tariffs to 18 per cent from 25 per cent
