This evening the rupee closed at Rs 82.86 against the dollar with a weakness of 9 paise.Stock market crashed, Nifty fell by 338 points and Sensex by 906 points.Sensex closed at 72,761.89 points with a fall of 906.07 points. Nifty fell by 338.00 points and closed at the level of 21,997.70 points.Read more....👇🏻👇🏻👇🏻👇🏻The recent surge in cotton prices has added to the challenges faced by yarn mills.
"Maharashtra State Textile Development Corporation (MSTDC): A Boost for India's Textile SectorThe state of Maharashtra in India is taking steps to boost its textile sector by merging several textile corporations to form a state-run development organization called the Maharashtra State Textile Development Corporation (MSTDC). This initiative aims to provide infrastructural support services for the textile industry, similar to the successful Maharashtra Industrial Development Corporation (MIDC).Maharashtra accounts for a significant portion of India's textile and apparel production and cotton production. The formation of MSTDC is part of the state government's Integrated and Sustainable Textile Industry Policy for 2023-2028, which aims to inject $3 billion into the textile sector.The reaction within the industry is mixed, with some seeing it as a positive step towards integration and efficiency, while others advocate for more support for small and medium-sized enterprises (SMEs).The textile sector in Maharashtra has faced challenges in the past, with previous organizations proving to be operationally ineffective. However, the new initiative aims to modernize the sector by creating textile parks with state-of-the-art infrastructure and common facilities.Overall, the consolidation of textile corporations under MSTDC is seen as a move towards enhancing efficiency and modernizing the sector, with a focus on supporting both large-scale operations and SMEs to drive economic growth and employment opportunities in the state.Read More....👇🏻👇🏻👇🏻👇🏻High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry
The recent surge in cotton prices has added to the challenges faced by yarn mills. compounded by weak demand both domestically and globally. This surge, which saw domestic cotton prices rising by 10-12% in just two weeks, is a cause for concern for the textile industry. The Southern India Mills Association (SIMA) has warned against panic buying, fearing it would further squeeze profit margins already strained by low demand.One of the reasons for the price increase is the limited availability of working capital for medium and small spinning mills, which struggle to procure cotton during peak seasons. Large traders take advantage of this situation by stocking up and selling cotton at higher prices during off-seasons. Additionally, anticipation of higher minimum support prices (MSP) for farmers and international factors like the weaker crop forecast in the United States contribute to the surge in domestic cotton prices.The current scenario of rising cotton prices is particularly challenging because it coincides with stagnant demand for yarn and cotton textiles. Despite some improvement in business sentiment, the International Textile Manufacturers' Federation (ITMF) Global Textile Industry Survey indicates persistently weak demand, influenced by factors like global geopolitics, inflation, and high interest rates.The utilization levels in the textile industry are below 70%, indicating excess capacity. The recovery in demand is expected to reflect in higher utilization levels, but until then, any increase in cotton prices will further strain profit margins. The cautionary note from SIMA, highlighting the expected increase in global cotton availability post-July 2024, suggests that rushing to buy cotton at elevated prices may not be wise.In summary, the surge in cotton prices exacerbates the challenges faced by the textile industry, which is grappling with weak demand and excess capacity. Unless there's a sustainable increase in demand, mills are likely to face further pressure on their revenues and profit margins.Read More....👇🏻👇🏻👇🏻👇🏻New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
This evening, the rupee closed at Rs 82.77 against the dollar with a weakness of 1 paise.Today the Sensex closed at 73667.96 points with a gain of 165.32 points. Whereas Nifty closed at the level of 22335.70 points with a gain of 3.05 points.Read more....👇🏻👇🏻👇🏻👇🏻New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
New Payment Rule Sparks 40% Drop in Orders for Indore Garment UnitsGarment manufacturers in Indore are grappling with a 40% decline in orders following the implementation of a new rule mandating payments to suppliers within 45 days. The garment industry, accustomed to longer payment cycles, now faces production cutbacks just ahead of the peak demand season, particularly around Eid.Ashish Nigam, President of the Readymade Textile Dealers Association, expressed concerns about the difficulty in clearing dues within the shortened 45-day timeframe. The new payment terms are compelling retailers to reduce order volumes. Indore's readymade garments, with over 1,500 small and medium-sized producers, are distributed nationwide, with Tamil Nadu, Kerala, and Andhra Pradesh accounting for over 60% of the market share.The impact of the new rule is evident in declining orders from Madhya Pradesh, Gujarat, Maharashtra, and Southern India, causing uncertainty among garment units during the crucial peak demand season, typically a thriving period for the sector in Indore.Read More....👇🏻👇🏻👇🏻👇🏻Centre Sets Bt Cotton Seed MRP at ₹864/packet for 2024-25, Experiences Lowest Increase Since 2019
Today the rupee opened with a strength of 4 paise against the dollar.The rupee opened strongly against the dollar today. Today, the rupee opened 4 paise stronger at Rs 82.72 against the dollar. At the same time, on Monday, the rupee strengthened by 3 paise and closed at Rs 82.76 against the dollar. 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 with a rise of 26.79 points at the level of 73529.43 points. Whereas NSE's Nifty opened with a gain of 7.35 points at the level of 22340.00 points. Today, trading started in a total of 2,041 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry
This evening, the rupee strengthened by 3 paise and closed at Rs 82.76 against the dollar.Today Sensex closed at 73502.64 points with a fall of 616.75 points. Whereas Nifty closed at the level of 22332.65 points with a fall of 160.90 points.Read more....👇🏻👇🏻👇🏻👇🏻High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry
High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric IndustryThe surge in cotton prices has compelled grey fabric manufacturers in Tamil Nadu to curtail production by up to 50% starting Friday. In the initial week of February 2024, cotton prices ranged from Rs 58,000 to Rs 59,000 per candy, witnessing a notable escalation to Rs 62,000 by March 8.K Sakthivel, coordinator of the Tamil Nadu Textile Manufacturers Association, expressed concern about escalating losses over the past two years in the textile and power loom sectors, which are vital employment providers in Palladam. Disappointed by the lack of anticipated orders during the Deepavali season, fabric producers noted a substantial rise in yarn costs from Rs 15 to Rs 25 per kg due to the recent surge in cotton prices. The textile industry is grappling with challenges from increased power tariffs, exacerbating the impact of the elevated cotton and yarn prices. Over 300 large textile manufacturers have opted to reduce production by 50% in an effort to enhance survival prospects.A C Eswaran, president of the South India Hosiery Manufacturers Association (SIHMA), outlined the market dynamics, stating that in normal circumstances, cotton bale prices range from Rs 55,000 to Rs 57,000 per candy. However, during the current season, the cotton market received 215 lakh bales, with 90 lakh bales being acquired by the Cotton Corporation of India (CCI) and cotton traders. Eswaran anticipates government intervention to stabilize prices, considering the current demand for the ready-made garment industry is 300 lakh bales.The textile department has acknowledged representations from trade bodies and some have already approached the Union Ministry to address the issue. While market conditions remain volatile due to a limited arrival of cotton in the market, officials believe that stabilization may occur in the future.Read More....👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"
Centre Sets Bt Cotton Seed MRP at ₹864/packet for 2024-25, Experiences Lowest Increase Since 2019The Union Agriculture Ministry has set the maximum retail price (MRP) for Bt Cotton Seed for the 2024-25 kharif season at ₹864/packet for Bollgard II and ₹635 for Bollgard II. This marks the lowest increase in MRP since the 2019 season. The MRP for the past years and the percentage increase are as follows:2018-19: ₹7102019-20: ₹710 (0% increase)2020-21: ₹730 (3% increase)2021-22: ₹767 (5% increase)2022-23: ₹810 (6% increase)2023-24: ₹853 (5% increase)2024-25: ₹864 (1% increase)The notification, issued by Joint Secretary Ajeet Kumar Sahu, cites the powers conferred by the Essential Commodities Act, 1955, and the Cotton Seed Price (Control) Order, 2015. The decision takes into account recommendations made by the committee.The relatively low hike in the MRP for 2024-25 has been attributed by some industry experts to the drought in key cotton-growing regions, particularly Maharashtra, during the previous year. The use of BG II seeds is prevalent among Indian farmers for cotton cultivation.In 2023, there was a significant drop of 30-40% in cotton seed production due to drought, resulting in a shortage. The actual sales of cotton seed packets in kharif 2023 were 4.4 crore (450 grams each) against an availability of about 4.8 crore packets. This shortage was attributed to long dry spells during the monsoon season, affecting germination and overall crop quality.The industry had expected an increase in demand from 4.2 crore packets in kharif 2022 to 4.8 crore packets in kharif 2023, but the shortfall in production impacted these projections. The new MRP for the upcoming season reflects the challenges faced by the cotton industry in the previous yearRead More...👇🏻👇🏻👇🏻👇🏻Indian Government Commits to Procure Jute and Cotton Below MSP,
Today the rupee opened with a strength of 7 paise against the dollar.The rupee opened strongly against the dollar today. Today the rupee opened 7 paise stronger at Rs 82.72 against the dollar. At the same time, on Friday, the rupee strengthened by 4 paise and closed at Rs 82.78 against the dollar. 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 with a fall of 46.58 points at the level of 74072.81 points. Whereas NSE's Nifty opened with a fall of 4.50 points at the level of 22489.00 points. Today, trading started in a total of 2,582 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Cotton Prices Surge Across Gujarat
The rupee strengthened by 4 paise to close at Rs 82.78 against the dollar this evening.Today, the Sensex closed at 74119.39 points with an increase of about 33.40 points. At the same time Nifty closed at the level of 22493.50 points with an increase of 19.50 points.Read more....👇🏻👇🏻👇🏻👇🏻Cotton Prices Surge Across Gujarat
Cotton Prices Surge Across GujaratCotton prices in various yards of North Gujarat and Saurashtra are experiencing fluctuations, with a recent increase observed in different locations. Despite a slight decline in prices last week, the current week has witnessed a resurgence in cotton prices. On March 6, cotton prices in Gujarat yard reached approximately Rs 1600.In the Savarkundla marketing yard, cotton prices ranged from Rs 1300 to Rs 1595, with a recorded income of 1150 maunds of cotton. Amerli marketing yard also reported robust cotton income, with prices ranging from Rs 1030 to Rs 1623 per maund.The largest cotton yard in Saurashtra, Botad, recorded prices ranging from Rs 1216 to Rs 1664 per maund. Additionally, Mahuva yard saw the earnings of 31 bales of cotton, with prices reported between Rs 801 and Rs 1401 per maund.In Jamnagar, cotton prices surged from Rs 1100 to Rs 1620, with a total income of 9790 maunds. Rajkot yard witnessed the earning of 2400 quintals of cotton, with farmers receiving Rs 1450 to Rs 1605 per maund.Read more....👇👇👇👇Indian Government Commits to Procure Jute and Cotton Below MSP,
Indian Government Commits to Procure Jute and Cotton Below MSP,The Union Minister Piyush Goyal has announced that the Indian government is willing to procure the harvest of jute and cotton from farmers if the market prices fall below the Minimum Support Price (MSP). This move is part of the government's efforts to support farmers and ensure they receive fair compensation for their crops.Goyal emphasized the government's commitment to increasing the production of jute and cotton. To achieve this, the Centre is willing to provide quality seeds and fertilizers to farmers to ensure the production of high-quality crops. The ultimate goal is to promote farm-to-foreign exports and enhance the global presence of Indian agricultural products.During his interaction with beneficiaries of the Textile Sector, Goyal urged them to promote the "vocal for local" initiative, emphasizing the importance of showcasing Indian products on the world stage. He highlighted the potential of ramping up textile production in the country to boost income, create employment opportunities, and contribute to the vision of making India 'Atmanirbhar' (self-reliant).Goyal also encouraged artisans to register their businesses on the Government e-Marketplace (GeM) to enhance visibility and promote their businesses. The minister announced that there would be no registration fee for artisans and weavers connected with handicraft and handloom.To further support the handicraft and handloom businesses, especially small enterprises, Goyal expressed the government's intention to facilitate GeM-registered businesses to onboard major e-commerce websites in the country. Additionally, efforts will be made to register these businesses on foreign websites, with a focus on promoting handicraft and handloom products.In line with the 'Made in India' initiative, Goyal urged officials to devise ways for handicraft beneficiaries to benefit from the 'Handmade in India' label, and he emphasized the government's commitment to penalize businesses selling machine-made products under this label.The minister stressed the importance of technological innovation in the textile sector to improve the lives of artisans and weavers while increasing their income. He called for efforts to enhance the quality and packaging of textile products to elevate the brand value and income of artisans and weavers on the global stage.In conclusion, Goyal highlighted that the convergence of schemes like PM-Suryoday Yojana, Samarth schemes, and other textile schemes would help artisans benefit their businesses and transform their income.Read more....👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"
Today the rupee opened with a strength of 1 paise against the dollar.The rupee opened strongly against the dollar today. Today, the rupee opened with a strengthening of 1 paise at Rs 82.91 against the dollar. At the same time, on Wednesday, the rupee strengthened by 7 paise and closed at Rs 82.82 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a rise of around 107.83 points.Today, BSE Sensex opened at the level of 74193.82 points with a gain of about 107.83 points. Whereas NSE's Nifty opened with a gain of 33.20 points at the level of 22507.20 points. A total of 1,897 companies started trading on BSE today. Sensex and Nifty today's level is all time high.Read More...👇🏻👇🏻👇🏻👇🏻Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid Discrepancies
This evening, the rupee strengthened by 7 paise and closed at Rs 82.82 against the dollar.Today the Sensex closed at 74085.99 points with a gain of 408.86 points. Whereas Nifty closed at the level of 22474.00 points with a gain of 117.70 points.Read more....👇🏻👇🏻👇🏻👇🏻Vidarbha Cotton Growers Benefit from Global Cotton Shortage: Cold Weather in China and Low US Yield Drive Prices Up
Rupee falls by 1 paise against dollarThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 1 paise at Rs 82.90 against the dollar. At the same time, on Tuesday, the rupee closed at Rs 82.89 against the dollar with a weakness of 1 paise.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 193.07 points at the level of 73484.06 points. Whereas NSE's Nifty opened with a fall of 55.50 points at the level of 22300.80 points. A total of 1,983 companies started trading on BSE today.Read More...👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines
This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.Today Sensex closed at 73677.13 points with a fall of 195.16 points. Whereas Nifty closed at the level of 22356.30 points with a fall of 49.30 points.Read more....👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"
Today the rupee opened with a weakness of 1 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 1 paise at Rs 82.90 against the dollar. At the same time, on Monday, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 90.56 points at the level of 73781.73 points. Whereas NSE's Nifty opened with a fall of 26.10 points at the level of 22379.50 points. A total of 2,016 companies started trading on BSE today.Read more...👇🏻👇🏻👇🏻👇🏻India Braces for Above-Normal Heat Waves and El Nino Impact: IMD Forecasts for March-May"
Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"Farmers from Babhulgaon in Yavatmal, Maharashtra, are grappling with the challenge of selling their cotton produce, citing a significant drop in prices over the past year. The looming deadline for loan repayment has left them in a quandary, forcing a difficult decision on whether to sell their crops at a loss or continue holding onto them.Price Decline Impact The farmers attribute the inability to sell their cotton to a sharp decline in prices, which they connect to irregular rainfall affecting cotton production this year.Financial Dilemma With the deadline for loan repayment approaching, farmers face a financial dilemma, contemplating whether to sell their produce at a loss or endure the risk of holding onto it in hopes of better prices.Farmer's Perspective Prakash Madhukar Gawande, a cotton farmer from Naygaon village in Babhulgaon, outlined his investment of over Rs 30,000 per acre in cotton farming. Despite harvesting around 70 quintals of cotton, selling it at the current rate would result in a loss, posing financial challenges.Market Dynamics The price disparity is further highlighted, with long yarn cotton fetching Rs 7,000 per quintal and shorter yarn selling for Rs 6,000. Farmers express discontent, emphasizing the need for prices to be at least Rs 10,000 to cover their expenses.Government Inadequacy Farmers argue that government schemes are insufficient to mitigate their losses, and they are left in a precarious position as they safeguard their stored yield from rain and wind, hoping for better prices.Cotton Scenario in Yavatmal Yavatmal, known as the cotton district of Maharashtra, witnesses extensive cotton cultivation. Last year, cotton was cultivated on approximately 4.71 lakh acres in the district. The region also faces the unfortunate distinction of having the highest number of farmer suicides in the state.Call for Government Intervention Amol Kapse, the director of the Agricultural Produce Market Committee (APMC) in Babhulgaon, stresses the absence of a Cotton Corporation of India (CCI) center in the taluk, leading farmers to sell to private players at lower rates. Government intervention is deemed crucial to prevent further farmer suicides.Read more....👇🏻👇🏻👇🏻👇🏻Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid Discrepancies
This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.Today the Sensex closed at 73,872.29 points with a gain of 66.14 points or 0.09%. Whereas NSE's 50-share index Nifty closed at 22,400.25 with a gain of 21.85 points or 0.098%.Read more...👇🏻👇🏻👇🏻👇🏻Textile Demand Holds the Key to Cotton Price course, Says International Cotton Advisory Committee"
| title | Created At | Action |
|---|---|---|
| This evening the rupee closed at Rs 82.86 against the dollar with a weakness of 9 paise. | 13-03-2024 23:27:13 | view |
| "Maharashtra State Textile Development Corporation (MSTDC): A Boost for India's Textile Sector | 13-03-2024 19:18:26 | view |
| The recent surge in cotton prices has added to the challenges faced by yarn mills. | 13-03-2024 18:52:08 | view |
| This evening, the rupee closed at Rs 82.77 against the dollar with a weakness of 1 paise. | 12-03-2024 23:20:39 | view |
| New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units | 12-03-2024 19:14:27 | view |
| Today the rupee opened with a strength of 4 paise against the dollar- | 12-03-2024 17:15:23 | view |
| This evening, the rupee strengthened by 3 paise and closed at Rs 82.76 against the dollar. | 11-03-2024 23:29:53 | view |
| High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry | 11-03-2024 19:21:56 | view |
| Centre Sets Bt Cotton Seed MRP at ₹864/packet for 2024-25, Experiences Lowest Increase Since 2019 | 11-03-2024 18:54:36 | view |
| Today the rupee opened with a strength of 7 paise against the dollar. | 11-03-2024 17:24:36 | view |
| The rupee strengthened by 4 paise to close at Rs 82.78 against the dollar this evening. | 07-03-2024 23:29:47 | view |
| Cotton Prices Surge Across Gujarat | 07-03-2024 22:21:20 | view |
| Indian Government Commits to Procure Jute and Cotton Below MSP, | 07-03-2024 19:25:13 | view |
| Today the rupee opened with a strength of 1 paise against the dollar- | 07-03-2024 17:17:21 | view |
| This evening, the rupee strengthened by 7 paise and closed at Rs 82.82 against the dollar. | 06-03-2024 23:27:51 | view |
| Rupee falls by 1 paise against dollar | 06-03-2024 17:51:02 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.. | 05-03-2024 23:15:07 | view |
| Today the rupee opened with a weakness of 1 paise against the dollar. | 05-03-2024 17:20:56 | view |
| Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines" | 05-03-2024 00:52:31 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar. | 04-03-2024 23:40:41 | view |
