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Thursday, September 28, 2023

Gokaldas hits record high on deal giving it cheaper US market access

BENGALURU: Shares of India’s Gokaldas Exports’ surged 20% to a record high on Tuesday, a day after it unveiled a deal that might assist it ship attire duty-free to its key market of the United States.
Gokaldas’ shares, which have already greater than doubled up to now this 12 months, jumped to an all-time high of 735.35 rupees, with buying and selling volumes that have been about 13 instances the every day transferring common.
The inventory’s surge got here a day after the attire producer stated it would purchase Dubai-based Atraco Group for $55 million in a deal that will even give it access to different key export markets and enhance manufacturing.
However, Gokaldas stated a key attraction was Atraco’s duty-free access to the United States, in contrast with its present duties of 11% to twenty-eight%. While Gokaldas name the US a key market, it has not stated how a lot the nation contributes to gross sales.
Atraco has one manufacturing unit in Ethiopia and 4 in Kenya, and exports about 95% of its output to the United States.
Gokaldas’s internet revenue has fallen within the first two quarters of this calendar 12 months as a result of sluggish demand, after having risen for six consecutive quarters, in line with Refinitiv knowledge.
However, after dropping following the newest quarterly outcomes on Aug. 8, the inventory has surged almost 53%, together with the features on Tuesday.

Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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