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News Topical, Digital Desk : Today, Tuesday, Indo Count Industries' stock is seeing a spectacular rise. Indo Count Industries' stock has jumped 17.2 percent. Compared to the previous closing level of Rs 260.25 on the BSE, its stock opened at Rs 262 in the morning and jumped to Rs 312.30 during trading. At around 2:45 pm, it is at Rs 305, with a gain of Rs 44.75 or 17.20 percent.
Why did Indo Count's shares rise?
Brokerage firm Avendus has initiated coverage on IndoCount with a "BUY" rating. The firm also assigned a target price of ₹348 per share, implying a 33.7% upside from the previous closing price (₹260.25). Following this rating and target, the company's stock surged more than 17% in a single day.
Tariff deal will have an impact
Avendus said it's important to monitor macro developments, such as normalization of tariffs and progress on a free trade agreement. Indian textile players, such as Indo Count, have a significant share in the US market, where the Trump administration currently has a 50% tariff on imports, and negotiations are currently underway for a trade deal.
According to Avendus, Indian companies are repositioning themselves in the value chain through diversification, branding, and expansion. It further stated that the decline in US imports reflects a decline in demand and inventory rationalization. It anticipates that the decline in demand may be cyclical rather than structural.
Read More: Indo Count Industries shares surge 17%, boosted by Avendus' 'BUY' rating
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