Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity PricesLouis Dreyfus Company (LDC), a leading global agricultural commodity group, reported a significant 15.5% decline in sales for 2023. This decrease was attributed to a sharp drop in commodity prices amidst geopolitical tensions and climate-related disruptions to trade flows. LDC's 2023 sales fell to $50.6 billion from $59.9 billion in the previous year.Despite the decline in sales, LDC's 2023 EBITDA stood at $2.222 billion compared to $2.347 billion in the previous year, while its net income remained stable at $1.013 billion.The company emphasized its commitment to ambitious growth plans, with capital expenditure increasing by almost 16% year-on-year in 2023.LDC had previously reported a decrease in first-half earnings as agricultural markets stabilized following acute volatility in 2022 amid Russia's invasion of Ukraine.Rival company Bunge also anticipates lower earnings this year due to ample crop supplies limiting margins.Current world food commodity prices are at three-year lows, supported by increased supplies of staples such as cereals, aided by ongoing exports from Russia and Ukraine despite their conflict.Louis Dreyfus Company's financial performance reflects the challenges posed by fluctuating commodity prices and geopolitical uncertainties, despite its ongoing investment in growth initiatives.Read more....👇🏻👇🏻👇🏻👇🏻Textiles Exports Surge by 17% Year-on-Year in February
The rupee strengthened by 1 paise to close at Rs 83.15 against the dollar this evening.Today, the Sensex closed at 72641.19 points with a gain of around 539.50 points. At the same time Nifty closed at the level of 22011.95 points with an increase of 172.85 points.Read more....👇🏻👇🏻👇🏻👇🏻Exporters Seek Exemption from 45-Day Payment Rule to MSMEs
Exporters Seek Exemption from 45-Day Payment Rule to MSMEsIndian exporters, represented by 15 export promotion councils, including the Federation of Indian Export Organisations, are urging for an exemption from a new rule mandating payment to micro and small enterprises (MSMEs) within 45 days.Around 150,000 exporters have raised concerns, stating that the provision will impact their liquidity, considering exports payments often have an average lag of 120 days.The rule, Section 43B(h) of the Income Tax Act, aims to address delayed payments to UDYAM-registered micro and small entities, but exporters are seeking an extension to 120 days.Exporters argue that the move could affect their competitiveness internationally, and they stress the need for a level playing field compared to other countries where credit terms are more generous.Industry representatives highlight challenges, including increased cash flow difficulties amidst geopolitical uncertainties, and propose exempting supplies from MSMEs to exporters from this provision.While acknowledging the importance of timely payments, exporters advocate for a phased reduction in time to address concerns from both sides.The handicrafts industry, facing credit periods of 180 days, finds the 45-day payment rule particularly challenging, given the extended timeframes involved in export shipments and payment realization.Overall, exporters seek exemptions to help them adjust to the new provision and maintain competitiveness in the global market.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry
Textiles Exports Surge by 17% Year-on-Year in FebruaryThe textiles industry is celebrating a significant milestone as it records robust export performance for February, marking positive growth trends for the 11-month period of the current financial year.Data released by the Confederation of Indian Textile Industry (CITI) indicates substantial growth in key segments such as cotton yarn, fabrics, and made-ups, with exports experiencing a remarkable 17% surge in February compared to the previous year.This promising uptick bodes well for Gujarat’s textiles sector, with exports of these products showing resilience over the past 11 months, boasting a commendable 6.7% increase compared to the corresponding period last year.In February 2024, Indian textiles exports grew by 19.54% year-on-year, while apparel exports also saw a respectable uptick of 4.88% during the same timeframe.The cumulative exports of textiles and apparel during February 2024 displayed a growth of 12.49% over the preceding year.However, the overall scenario for the April 2023 to February 2024 period presents a mixed picture, with Indian textiles exports registering a modest growth of 1.75% year-on-year, juxtaposed with a notable decline of 11.42% in apparel exports during the same timeframe. The cumulative exports of textiles and apparel during this period showcased a decrease of 4.25% compared to the corresponding period in the previous fiscal year.Industry experts attribute this positive trajectory in cotton yarn and fabric exports to India’s competitive cotton prices throughout the current financial year, which have bolstered demand in international markets, particularly in countries like Bangladesh and China.Gujarat has notably benefited from this trend, enjoying a substantial share in cotton yarn, fabric, and made-up exports.Conversely, the apparel segment has faced challenges, experiencing a decline primarily due to heightened input costs and subdued demand in various countries amidst soaring inflation. Bharat Chhajer, former chairman of Powerloom Development and Export Promotion Council (PDEXCIL), highlighted the ongoing conflict between Russia and Ukraine, coupled with the Red Sea crisis, which has increased business costs and pricing pressures. Additionally, stiff competition from nations like Vietnam and Bangladesh, along with the reduction in cotton prices, has contributed to the decrease in the value of apparel exports from India.Read More....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
Today the rupee opened with a strength of 11 paise against the dollar.The rupee opened strongly against the dollar today. Today the rupee opened 11 paise stronger at Rs 83.05 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 83.16 against the dollar with a weakness of 12 paise. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a rise.Today BSE Sensex opened at 72668.64 points with a gain of about 566.95 points. Whereas NSE's Nifty opened at 22007.75 points with a gain of 168.65 points. Today, trading started in a total of 2,273 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh
This evening, the rupee fell by 12 paise and closed at Rs 83.16 against the dollar.Today Sensex closed at 72101.69 points with a gain of 89.64 points. Whereas Nifty closed at the level of 21839.10 points with a gain of 21.65 points.Read more....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
Rupee opened 3 paise higher against dollar The rupee opened strongly against the dollar today. Today the rupee opened 3 paise stronger at Rs 83.01 against the dollar. At the same time, on Tuesday, the rupee closed at Rs 83.04 against the dollar with a weakness of 13 paise.Today BSE Sensex opened with a rise.Today BSE Sensex opened with a rise of 24.81 points at the level of 72036.86 points. Whereas NSE's Nifty opened at 21843.90 points with a gain of 26.45 points. A total of 1,933 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh
This evening, the rupee fell by 13 paise and closed at Rs 83.04 against the dollar.Today Sensex closed at the level of 72012.05 points with a fall of 736.37 points. Whereas Nifty fell by 238.25 points and closed at the level of 21817.45 points.Read more....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh
CCI purchased 6.35 lakh quintals of cotton in Madhya PradeshThe Cotton Corporation of India (CCI) has procured approximately 6.35 lakh quintals of cotton from the markets of Madhya Pradesh in the current season. Procurement was halted in February as market prices improved. CCI had established 21 procurement centers in MP due to declining prices across many centers in the country. Cotton arrivals in spot markets have decreased, with expectations of further decline. Textile mills are experiencing increased demand for cotton and are operating at full capacity. The Cotton Association of India predicts a decline in cotton output in Madhya Pradesh to 18 lakh bales compared to 19 lakh bales last year, with a target of 14 lakh bales for cotton exports in 2023-24.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry
Rupee weak against dollar, opened 3 paise lowerThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 82.94 against the dollar. At the same time, on Monday, the rupee closed at Rs 82.91 against the dollar with a weakness of 3 paise. There is a need to do business in dollars very wisely, otherwise the investment may be affected.Today BSE Sensex opened with a decline.Today BSE Sensex opened at 72371.80 points with a fall of about 376.62 points. Whereas NSE's Nifty opened with a fall of 114.00 points at the level of 21941.70 points. Today, trading started in a total of 2,799 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
This evening, the rupee fell by 3 paise and closed at Rs 82.91 against the dollar.At the end of trading, BSE Sensex closed at 72,748.34, up 104.91 points or 0.14%. Whereas NSE's 50-share index Nifty closed at 22,051.15, up 27.80 points or 0.13%.Read more....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
Rapid rise in gin cotton prices has created concern among textile manufacturers and tradersThe price of ginned cotton has increased by Rs 7,000 per candy (356 kg) within a month, causing concern among textile manufacturers and traders. After remaining stable around Rs 55,000 per candy for almost two months, prices started rising in February. Recently, they touched more than Rs 62,000 per candy before closing at Rs 61,100 on Saturday.Despite minor fluctuations throughout the week, the Indian cotton market remained largely stable, with the Gujarat spot rate hovering around Rs 61,650 by the end of the week. Factors such as supply chain disruptions, global demand and weather conditions impacted these modest movements, reflecting a cautious sentiment among traders amid ongoing uncertainties in the market.Bharat Chhajer, former chairman of PDEXCIL, said the sudden price hike has hit domestic demand, but prices are expected to remain stable in the near future.Read More....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
Rupee strengthened against dollar, opened 3 paise higher The rupee opened with a rise against the dollar today. Today, the rupee opened 3 paise stronger at Rs 82.85 against the dollar. At the same time, on Friday, the rupee closed at Rs 82.88 against the dollar with a weakness of 6 paise. Today BSE Sensex opened with a decline.Today, BSE Sensex opened with a fall of 86.68 points at the level of 72556.75 points. Whereas NSE's Nifty opened with a fall of 27.05 points at the level of 21996.30 points. A total of 2,346 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry
Positive Projections CCPC Forecasts Growth in Indian Cotton IndustryThe Committee on Cotton Production and Consumption (CCPC), a governmental body comprising various stakeholders in the textile industry including farmers, has recently released estimates indicating positive trends in cotton production, export, and consumption for the current season (October 2023-September 2024) in India. Here's a summary of the key points from the news:Higher Crop Estimate the CCPC has raised its estimate for cotton production for the current season to 323.11 lakh bales (of 170 kg each), compared to the earlier estimate of 316.57 lakh bales. This is in alignment with the Ministry of Agriculture's second advance estimate.Lowered Production for Last Season Conversely, the CCPC has lowered the estimate for last season's production to 336.60 lakh bales, down from the earlier estimate of 343.47 lakh bales.Increased Imports the committee has raised its estimate for imports for the current season to 14.6 lakh bales, compared to the earlier estimate of 10 lakh bales. However, imports for the current season remain unchanged at 12 lakh bales.Export and Consumption Estimates Export estimates for the current season have been raised to 27 lakh bales, up from 15.89 lakh bales in the previous season. Consumption, including small spinners and non-textiles, is projected to be 317 lakh bales, compared to the earlier estimate of 310 lakh bales.Stocks Opening stocks are projected to be 61.16 lakh bales, contributing to an overall supply projection of 396.27 lakh bales for the current season. The committee has also reduced its estimate of carryover stocks to 52.27 lakh bales from the earlier estimate of 57.65 lakh bales.Market Dynamics Indian cotton has seen increased demand due to rising prices on the Intercontinental Exchange (ICE), New York. Domestic prices are currently quoted at a discount to ICE futures, making Indian cotton more attractive in the market.These estimates indicate a positive outlook for the cotton industry in India, with higher production, exports, and consumption anticipated for the current season.Read more....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
This evening, the rupee fell by 6 paise and closed at Rs 82.88 against the dollar.Today the Sensex closed at the level of 72643.43 points with a fall of about 453.85 points. Nifty fell by 123.30 points and closed at the level of 22023.35 points.Read more....👇🏻👇🏻👇🏻👇🏻Challenges Persist: Global Cotton Prices Surge Amidst Uncertainty
Today the rupee opened with a weakness of 12 paise against the dollar.The rupee opened with a decline today against the dollar. Today the rupee opened with a weakness of 12 paise at Rs 82.94 against the dollar. At the same time, on Thursday, the rupee strengthened by 5 paise and closed at Rs 82.82 against the dollar. However, the rupee is close to its all-time low. The all-time low of the rupee was made at Rs 83.36 against the US dollar on November 24, 2023.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 215.68 points at the level of 72881.60 points. Whereas NSE's Nifty opened with a fall of 58.35 points at the level of 22088.30 points. A total of 1,986 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
This evening, the rupee strengthened by 5 paise and closed at Rs 82.82 against the dollar.Today the Sensex closed at 73097.28 points with a gain of about 335.39 points. Whereas Nifty closed at the level of 22146.65 points with a gain of 148.95 points.Reasd more....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
Government Mulls Enhancements to MSME Apprenticeship ProgramsThe Indian government is contemplating various measures to enhance apprenticeship training in millions of micro, small, and medium enterprises (MSMEs) across the country. These measures may include reducing the apprenticeship tenure from six months to three months, doubling stipend subsidies for MSMEs to 50%, offering tax incentives for hiring apprentices, and involving the private sector in providing manpower to MSMEs facing staff shortages.MSMEs play a significant role in India's manufacturing output and exports, comprising 38.4% of total manufacturing output and contributing 45.03% to the country's total exports. With approximately 64 million MSMEs employing 23% of the country's labor force and contributing 27% to GDP, enhancing apprenticeship programs in this sector could have substantial benefits.Industry experts emphasize the importance of tripartite engagement between industry, academia, and the private sector to boost apprenticeship training in India. They suggest that industry chambers and staffing companies could act as third-party aggregators to deploy apprentices with MSMEs nationwide, aligning with India's economic growth objectives and aspirations to become a developed nation by 2047.Read More....👇🏻👇🏻👇🏻👇🏻New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
Challenges Persist: Global Cotton Prices Surge Amidst UncertaintyGlobal cotton prices have surged recently, reaching exactly a dollar per lb in February 2024, up 8 percent from the previous month. This rise, after a period of stability between 80 - 90 cents, challenges the notion of a post-pandemic "new normal" for cotton prices.The main driver behind this surge appears to be China, which is significantly increasing its cotton imports despite sitting on record inventory levels. This shift follows the Xinjiang ban, which led to concerns over forced labor practices and subsequently excluded Chinese-origin cotton, yarn, and fabric from global textile supply chains.China's efforts to source cotton from other countries to maintain its global competitiveness may push cotton prices to unprecedented levels. Some speculate that China aims to drive prices high enough to make apparel destined for western markets prohibitively expensive, potentially prompting relaxation of the ban conditions.If these fears materialize, the global cotton market may still be far from settling into a new normal. This surge in prices, however, benefits Pakistan's spinning and fabric industry, which has been struggling with weak demand and record inventory levels.Read More....👇🏻👇🏻👇🏻👇🏻The recent surge in cotton prices has added to the challenges faced by yarn mills.
Rupee strengthened by 2 paise against dollar todayopen.The rupee opened strongly against the dollar today. Today the rupee opened with a gain of 2 paise at Rs 82.84 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 82.86 against the dollar with a weakness of 9 paise. Today BSE Sensex opened with a decline.Today, BSE Sensex opened with a fall of 191.79 points at the level of 72570.10 points. Whereas NSE's Nifty opened with a fall of 15.15 points at the level of 21982.55 points. A total of 2,236 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻"Maharashtra State Textile Development Corporation (MSTDC): A Boost for India's Textile Sector
| title | Created At | Action |
|---|---|---|
| Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices | 21-03-2024 23:54:17 | view |
| The rupee strengthened by 1 paise to close at Rs 83.15 against the dollar this evening. | 21-03-2024 23:27:36 | view |
| Exporters Seek Exemption from 45-Day Payment Rule to MSMEs | 21-03-2024 20:17:18 | view |
| Textiles Exports Surge by 17% Year-on-Year in February | 21-03-2024 19:06:19 | view |
| Today the rupee opened with a strength of 11 paise against the dollar. | 21-03-2024 17:25:22 | view |
| This evening, the rupee fell by 12 paise and closed at Rs 83.16 against the dollar. | 20-03-2024 23:17:46 | view |
| Rupee opened 3 paise higher against dollar | 20-03-2024 17:15:35 | view |
| This evening, the rupee fell by 13 paise and closed at Rs 83.04 against the dollar. | 19-03-2024 23:24:56 | view |
| CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh | 19-03-2024 17:33:29 | view |
| Rupee weak against dollar, opened 3 paise lower | 19-03-2024 17:15:30 | view |
| This evening, the rupee fell by 3 paise and closed at Rs 82.91 against the dollar. | 18-03-2024 23:37:40 | view |
| Rapid rise in gin cotton prices has created concern among textile manufacturers and traders | 18-03-2024 17:42:33 | view |
| Rupee strengthened against dollar, opened 3 paise higher | 18-03-2024 17:21:14 | view |
| Positive Projections CCPC Forecasts Growth in Indian Cotton Industry | 16-03-2024 00:39:34 | view |
| This evening, the rupee fell by 6 paise and closed at Rs 82.88 against the dollar. | 15-03-2024 23:27:57 | view |
| Today the rupee opened with a weakness of 12 paise against the dollar. | 15-03-2024 17:15:10 | view |
| This evening, the rupee strengthened by 5 paise and closed at Rs 82.82 against the dollar. | 14-03-2024 23:22:33 | view |
| Government Mulls Enhancements to MSME Apprenticeship Programs | 14-03-2024 19:34:03 | view |
| Challenges Persist: Global Cotton Prices Surge Amidst Uncertainty | 14-03-2024 19:08:45 | view |
| Rupee strengthened by 2 paise against dollar today open. | 14-03-2024 17:26:18 | view |
