Shares of Faze Three, one of the leading manufacturers of home textile products, reached the maximum upper circuit limit in today’s session, September 10, as optimism grew that India and the US could reach a trade deal.
US President Donald Trump wrote on Truth Social earlier this morning that both countries are continuing their trade talks and that he looks forward to speaking with his “good friend,” Prime Minister Narendra Modi.
Prime Minister Modi responded to Trump’s post by writing on “X” that India and the US are close and natural friends and that he too looks forward to speaking with the US President.
In response to this development, the shares were locked at the 20% upper circuit limit at ₹545 apiece, the highest level in four weeks.
The trade talks between the two countries had paused following the imposition of additional 25% tariffs by the Trump administration on Indian goods for continued purchase of Russian oil, taking total levies to 50%, the highest among major nations.
Various reports highlight that textiles are among the major sectors likely to be impacted by the higher duties, as the US is a major export market for domestic companies.
In 2024, India accounted for around 6% of the United States’ total apparel imports, translating to exports worth approximately $4.8 billion out of the US’s $80 billion import bill, and contributing to 33% of India’s overall apparel exports, according to the latest available data.
Additionally, India exported $5.2 billion worth of textiles to the US, bringing the combined apparel and textile exports to around $10 billion. The sector is also the second-largest employer in India, providing direct employment to over 45 million people and contributing approximately 2% to national GDP and 12% to total exports.
While the US is one of the key export markets for Faze Three, the company derives 90% of its revenue from exports to the USA, UK, and Europe region.
Ashish Kacholia holds 5.42% stake in Faze Three
Ashish Kacholia, known as the “Big Whale” of Dalal Street, held a 5.42% stake in Faze Three at the end of the June quarter. According to Trendlyne shareholding data, he has been holding a stake in the company since September 2021. The majority of the stake is owned by promoters, accounting for 58%, followed by general shareholders with a 40.7% stake.
Faze Three is engaged in the manufacturing and exporting of superior quality, high-end home textile products, supplying to top retailers across the globe. It offers a diversified product line, with its main products including bathmats, bath rugs, chair pads, blankets, rugs, throws, floor coverings, bedspreads, patio mats, and seat covers.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
