New Delhi, Oct 29 || Shares of Indian textile and shrimp exporters surged on Wednesday following US President Donald Trump's comments on a potential trade deal with India, raising investor expectations for reduced tariffs on domestic exports.
Export-oriented shrimp and textile stocks receive a major chunk of their revenue from the American market.
President Trump's comments at the APEC CEO Summit Luncheon in Gyeongju, South Korea, where he lauded Prime Minister Narendra Modi, adding that he is going to "do a trade deal with India". US President Trump praised Modi, calling him “the nicest-looking guy” and “tough as hell.”
The shares of these export-orientated companies had significantly declined earlier after the Trump administration increased tariffs on Indian imports to 50 per cent, citing New Delhi's purchases of Russian oil.