Government on Saturday decided to allow entry of ready-made garments from Bangladesh only through Kolkata and Nhava Sheva sea ports and barred imports of a range of consumer items through land transit posts in the northeast.
Shares of textile makers such as Arvind, Trident, Alok Industries, Gokaldas Exports, Page Industries, Welspun Living, Indo Count, Lux Industries, Aditya Birla Fashion and Retail and Siyaram Silk rose between 1%-7% in trade on Monday after government over the weekend announced curbs on entry of Bangladesh’s ready-made garments into India.
Shares of Arvind rose 4.2%, Siyaram Sil advanced 7%, Page Industries advanced 1.8%, Aditya Birla Fashion and Retail jumped 4.4%, Trident rose 2.8%, KPR Mill gained 3%, Alok Industries rose 4.7%, Indo Count gained 1.2% and Raymond Life rose 1.2%.
Government on Saturday decided to allow entry of ready-made garments from Bangladesh only through Kolkata and Nhava Sheva sea ports and barred imports of a range of consumer items through land transit posts in the northeast — a move that is set to significantly hit Dhaka’s trade with New Delhi.
Besides ready-made garments, plastics, wooden furniture, carbonated drinks, processed food items, fruit flavoured drinks, cotton and cotton yard waste will not be allowed to enter India through land customs stations and check posts in Meghalaya, Assam, Tripura and Mizoram, and Phulbari and Changrabandha in West Bengal, according to the notification.
The new restrictions for Bangladeshi consumer goods came over five weeks after New Delhi ended a nearly five-year-old arrangement for trans-shipment of Bangladeshi export cargo to third countries via Indian airports and ports. India’s fresh restrictions on limiting access to Bangladeshi exports appears to be in response to Dhaka denying certain value added items from the Northeast to enter that country through the land transit points.
News Curtesy: Upstock