Among the major gainers, Welspun Living surged 12.26 percent to Rs 164.60. Gokaldas Exports climbed 4.3 percent to Rs 761, while Kitex Garments rose 3.8 percent to Rs 160.99. KPR Mill gained 2.5 percent to Rs 1,068. Arvind remained largely unchanged at Rs 497.85, while Raymond edged up 0.1 percent to Rs 592.55.
The gains followed the confirmation by India and the United Kingdom that the Comprehensive Economic and Trade Agreement will be implemented from July 15, nearly a year after the pact was signed. The agreement marks the operationalisation of India's first bilateral trade deal with a European or Western nation.
Under the trade pact, a broad range of Indian exports, including textiles and apparel, electronics, chemicals, pharmaceuticals, toys, gems and jewellery, will receive zero-duty access to the United Kingdom market.
For labour-intensive sectors such as textiles and clothing, tariffs of up to 12 percent currently imposed by the United Kingdom will be reduced to zero. Duties on several other export categories, including processed food products, marine products, engineering goods, automobile components, leather and footwear products, chemicals and pharmaceuticals, will also be eliminated.
According to the Indian government, nearly 99 percent of tariff lines covering almost 100 percent of India's trade value with the United Kingdom will gradually become duty-free under the agreement.
The elimination of tariffs is expected to strengthen the competitiveness of Indian exporters in the British market, particularly companies operating in textiles, apparel and home furnishings, sectors that account for a substantial share of India's exports to the United Kingdom.
India's exports to the United Kingdom are dominated by gems and jewellery, engineering goods, petroleum products, pharmaceuticals, textiles and electronics. Market participants expect the trade agreement to create fresh opportunities for export-oriented manufacturers by improving market access and lowering costs for buyers in the United Kingdom.
The implementation of the Comprehensive Economic and Trade Agreement is expected to mark a significant milestone in India's trade relations with the United Kingdom, opening new avenues for exporters and strengthening the global competitiveness of key manufacturing sectors.
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