With this fall, the stock has declined to the lowest level since August 2023, which is a 29-month low.
Not only Gokaldas, shares of other export-oriented names such as Avanti Feeds, Pearl Global, Apex Frozen Foods, are also witnessing a fall between 3% to 7% in today’s trading session.Uncertainties over a trade deal with the US is weighing on these companies as the new year has begun with contracts most likely to be locked for the year during this period. The companies will also be reporting their third quarter results soon.
Indian exports currently invite a 50% tariff to the US.A report from Bloomberg cited a large shoemaker in India, who mentioned that January 15 is the cutoff date to secure bulk orders from the US to ensure stable revenue for the summer and autumn season.
Companies such as Gokaldas, Pearl Global, Welspun Living, get anywhere between 50% to 70% of their revenue from the US market. Shrimp feed players Avanti, Apex get up to half or two-third of their revenue from the US, but associations have stated that the companies and exporters have found other markets, including the European Union for their exports.
Another factor behind the selling pressure could be words from Senator Lindsey Graham in the US, who said that Donald Trump has given his greenlight to the Russia Sanctions bill, which would give him the power to impose tariffs as high as 500% on countries that still seek to buy oil from Russia. The bill will need approval from the Congress before it becomes a law.
Shares of Gokaldas has over 20 lakh shares traded compared to their 20-day average of 1.5 lakh shares.
Shares of Gokaldas Exports are trading 11.6% lower at ₹604.7. The stock has now declined more than 47% from their 52-week high of ₹1,144. From its record high of ₹1,262, which it had surged to in December 2024, the stock is down 53%.
