An earlier trade agreement between India and the US lowered the reciprocal duties to 18 per cent from 25 per cent, after the US withdrew a separate punitive tariff of 25 per cent
Welspun's consolidated net profit came in at 2.1 million rupees ($23,178.81) for the three-month period ended December 31, sharply down from 1.21 billion rupees in the year-ago period
Despite today's decline, in the past one month, these stocks have outperformed the market, surging up to 33 per cent, as against 0.56 per cent rise in the benchmark Sensex.
Textile stocks to buy: Analysts say the India-EU FTA could boost Indian textile exports by cutting EU tariffs to zero. Here are key beneficiaries
Among smallcaps - Natco Pharma, Neuland Laboratories, Inox India, Welspun Living and GE Shipping shares have witnessed the formation of 'Double Bottom' pattern on the technical charts.
Welspun Living shares fell 3 per cent after it reported a 93 per cent drop in second-quarter profit, with analysts remaining cautious in the near term
Homex textiles major Welspun Living Ltd on Wednesday reported a 93 per cent decline in consolidated net profit at Rs 14.86 crore in the second quarter ended September 30, with exports hit by global tariff war. The company had posted a consolidated net profit of Rs 202.4 crore in the same quarter last fiscal, Welspun Living Ltd said in a regulatory filing. Consolidated revenue from operations in the second quarter stood at Rs 2,440.91 crore as against Rs 2,873.09 crore in the corresponding period last fiscal, it added. Textile business revenue was at Rs 2,322 crore, down 14.4 per cent, while flooring segment revenue at Rs 181 crore, a drop of 27.4 per cent. Total expenses in the quarter under review stood at Rs 2,431.84 crore as compared to Rs 2,655.87 crore in the year-ago period, the company said. Commenting on the performance, Welspun Group Chairman, BK Goenka said,"The global tariff situation continues to weigh on export performance, but we remain confident this is a passing ..