Textile stocks mixed: Gokaldas exports down 4%, Welspun up 5% after US SC tariff ruling

Textile stocks traded mixed on Monday with Gokaldas exports falling 3% to touch the day’s low of Rs 766.25 on the National Stock Exchange (NSE), while Indo Count and KPR Mill fell to 1.3% in early trade as uncertainty over tariff impact loomed. In contrast, Welspun Living rose 4.5% to hit the day’s high of Rs 142.90, while Pearl Global also rose to 4% intraday.Although the U.S. Supreme Court on Friday declared President Donald Trump’s tariffs illegal and noted that he has overstepped his authority, clarity on global trade deals has yet to come. The Indian government said it is studying the implications of the court ruling.

Following the SC’s decision, Trump introduced a global tariff of 10% on Friday, only to revise it upwards to 15% on Saturday. According to a White House fact sheet, the new levy will go into effect on February 24 at 12:01 a.m. ET. Trump said he was invoking Section 122 of the Trade Act of 1974 — a rarely used provision that allows the president to impose tariffs of up to 15 percent for up to 150 days to address “major and serious” balance of payments problems. The authority does not require prior investigation, although any extension beyond 150 days would require congressional approval.

During a White House briefing, Trump emphasized that his broader tariff architecture remained intact. “All these tariffs will remain in place,” he said. “They all stay. Even after the decision.”

“Effective immediately, all National Security Tariffs, Section 232 and existing Section 301 TARIFFS remain in full force and effect. Today I will sign an order imposing a 10% global tariff, under Section 122, on top of our normal rates already charged…” he added.

Meanwhile, India and the United States have rescheduled a key meeting between their top trade negotiators, which was expected to take place in Washington this week, ToI reported, citing government sources. The meeting was aimed at finalizing the legal text of the proposed interim bilateral trade agreement.

The Indian delegation, led by chief negotiator Darpan Jain, would travel to the US capital for talks with US Trade Representative Jamieson Greer. Meanwhile, India’s benchmark indexes advanced on Monday after the US Supreme Court struck down President Donald Trump’s sweeping global tariffs on Friday. The 30-stock index rose more than 600 points to the day’s high of 83,462; Meanwhile, Nifty traded over 150 points higher to trade above the 25,750 level.