Cotton farmers have started protesting in Adilabad due to high transportation charges.Cotton procurement from farmers at Adilabad Market Yard began with a delay of about five hours on Friday. Farmers' protest and traders' refusal to buy cotton created a tense atmosphere in the market. Adilabad BJP MLA Payal Shankar and Additional Collector Shyamala Devi intervened and held discussions with officials and traders. The market was closed on Thursday, and with the onset of the Sankranti festive season, a large number of farmers arrived with their cotton produce. Around 2,500 vehicles in the market yard.Although the scheduled time for cotton procurement to begin was 8 a.m., it did not begin until noon. Concerned farmers staged a protest in front of the market yard office. They claimed that the cotton was brought to the market courtyard early in the morning from far-flung places and additional charges were demanded for the waiting time. He also demanded government intervention in the cotton procurement process.On the other hand, traders refused to make purchases citing inability to clear cotton stock from ginning industries citing shortage of lorries. Cotton Traders Association President Raju Chintavar highlighted the consistent increase in transportation prices through lorries in the last three years by lorry owners, despite fluctuating diesel prices. This time, the increase was Rs 4,000, taking the transportation cost from Adilabad to Guntur to Rs 41,000 without loading charges.Chintawar said the direct burden of increased prices fell on farmers as cotton stock prices remained stagnant due to shortage of lorries for transportation. On getting information about the matter, Adilabad MLA Payal Shankar and Additional Collector Shyamala Devi visited the market courtyard and held discussions with traders and protesting farmers. He urged both the lorry association and ginning industrialists to bring any problems to the notice of the administration and the state government and said that farmers should not face problems.
CCI's absence leads to distress selling in Abohar cotton marketBATHINDA: Four times this harvesting season, the Cotton Corporation of India (CCI) has stayed away from Abohar, one of the biggest raw cotton markets in Punjab, over quality issues and has come up with relaxations following protests. This slowed down purchases and created a crisis in sales, which benefited private agencies.Cotton in the season 2023-24 is being sold at up to Rs 4,400 per quintal, while the minimum support price (MSP) is at Rs 6,920 for 27.5-28.5-mm long staple and Rs 6,770 for 26.5-27 mm long staple.The harvesting season is from October to March–April. During this period, farmers occupied the Abohar-Fazilka highway thrice and blocked the gate of Abohar grain market once. Each time, the administration intervened and persuaded CCI to make the purchase. Even on Thursday evening, Fazilka Deputy Commissioner Senu Duggal and Senior Superintendent of Police Manjeet Singh Dhesi mediated between the protesting farmers and CCI, after which the corporation agreed to purchase the crop from Friday. During the days it remained away, about 30,000 quintals of raw cotton was deposited in the Labh market of Abohar, the crop of which also comes from Rajasthan.Punjab State Agricultural Marketing Board estimates that 10 lakh quintals of raw cotton will arrive for purchase by January 12. Of this, private players bought 8.2 lakh quintals or 82% of the stock, while the government agency bought only 18%. Private agencies purchased 2.61 lakh quintals or 26% of the stock below MSP. Cotton grower Gurdev Singh said: "It was a double blow for farmers as cotton coverage in Punjab dropped to the lowest in decades at 1.75 lakh hectares due to two seasons of pest attacks." Fellow cotton farmer Karnail Singh said: “That is why farmers demand legal guarantee of MSP. “How can the government think about diversification under these circumstances?”Fazilka DC Senu Duggal said, “We formed a committee of farmers, CCI officials, representatives of Abohar sub-divisional magistrate and the concerned local station house officer (SHO) to ensure that the cotton procurement is done as per the rules.” A CCI official, on condition of anonymity, said the agency is not purchasing bulk cotton as its quality is below the prescribed standards.
The rupee strengthened by 11 paise to close at Rs 82.92 against the dollar this evening.Today, the Sensex closed at 72568.45 points with a gain of around 847.27 points. At the same time Nifty closed at the level of 21894.50 points with an increase of 247.30 points.
GHCL Textiles signs MoU for investing Rs 535 crore in Tamil NaduGHCL Textiles Ltd, a manufacturer and supplier of 100 per cent combed cotton compact ring spun yarns, cotton open end yarns, 100% synthetic and blend ring spun yarns, vortex yarns and TFO yarns signed an MoU with the Government of Tamil Nadu for an investment of Rs 535 crore, at the just concluded Global Investors Meet 2024. The MoU was signed in the presence of Chief Minister MK Stalin, senior ministers, and officials of the Government of Tamil Nadu. GHCL Textiles was represented by R Balakrishnan, CEO and N Rajagopal, Sr.GM (Technical).The MoU entails investments for capacity expansion as well as investments in renewable energy in Tamil Nadu. Once implemented, GHCL Textile’s total investment in the state will be over Rs 1035 crore and its renewable energy portfolio will expand to 75 MW, it said in a statement. RS Jalan, Director, GHCL Textiles, said, “It is our honor to be a part of the state and India’s growth journey. These investments are in line with our promise to consistently deliver value for our stakeholders through sustained expansion in earnings. Over the next four years, the investments will be used for capacity and product basket expansions, vertical integration of textile manufacturing to include knitted and woven finished fabrics as well as the enhancement of Green energy portfolio. Thus amplifying our value added product basket, accelerating growth and positioning us among the top-tier industry leaders.” GHCL Textiles has a capacity of 2,25,000 ring spindles, 3,320 rotors, 480 vortex and 5760 TFO spindles. With clearly defined quality norms and strict process control, it has the capability to tailor-make products to suit specific applications and service premium buyers in domestic and international markets, the company said.
No fresh orders, polyester weavers in Telangana's Sircilla stare at bleak futureThe textile industry in Rajanna-Sircilla district is facing an acute crisis, which, if not resolved immediately, will spell doom for hundreds of families. Many of the polyester manufacturing units in the district may not resume operations post-Sankranti. At an emergency meeting convened by the Polyester Clothes Association, the organisation’s president Mandala Satyam officially declared the shutdown of power looms.One of the primary reasons cited for this decision was the absence of fresh orders for several months now.Satyam said warehouses are overflowing with lakhs of metres of unsold cloth. This surplus stock left polyester textile manufacturers in a precarious position as they are unable to purchase fresh yarn and sustain production. He said that without the pending dues from the cloth produced being cleared and new orders from the state government, the industry cannot afford to make further investments.The industry experienced a brief period of normalcy following the Bathukamma saree orders. However, the lack of fresh orders for a long time has left thousands of workers, who rely on weaving for their livelihood, without daily employment opportunities. Adding to the industry’s woes is the dissatisfaction among polyester textile manufacturers regarding a recent government decision.The government has indicated that it would allocate orders equally between a textile park equipped with 600 powerlooms and the Sircilla powerlooms, which currently operate around 25,000 units. This decision has created further uncertainty, casting a shadow of doubt over the future of the Sircilla textile industry.Notably, this is not the first time the powerloom sector is about to be shut down. During BRS rule, the polyester cloth industry was shut for a few days with workers demanding power tariff subsidies like those implemented in Maharashtra and Karnataka. However, the demand was later withdrawn after the then textile minister KT Rama Rao’s intervention.
Rupee weakened against dollar today, know how much it weakened The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 5 paise at Rs 83.08 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 83.03 against the dollar. Nifty and Sensex opened with further gains todayToday BSE Sensex opened at 72183.81 points with a gain of about 462.63 points. Whereas NSE's Nifty opened with a gain of 134.60 points at the level of 21781.80 points. Today, trading started in a total of 2,129 companies on BSE.
This evening, the rupee strengthened by 1 paise and closed at Rs 83.03 against the dollar.Today Sensex closed at 71721.18 points with a gain of 63.47 points. Whereas Nifty closed at the level of 21647.20 points with a gain of 28.50 points.
Australia’s Cotton Crop Outlook Improves After Heavy RainsThe outlook for Australia’s cotton crop has improved following a deluge of rain across growing regions last year that prompted some farmers to boost their planting, according to the nation’s industry group.Cotton Australia expects production to be at 4.5 million barrels for 2023-24, the top of its previously estimated range, according to Chief Executive Officer Adam Kay. The group warned in October — prior to rains — that the outlook was mixed due to the onset of El Niño, which typically brings drier conditions.Vast parts of eastern Australia has been inundated by heavy rains and flooding since at least October, including a tropical cyclone that damaged sugar crops in Queensland. The wet weather has benefited so-called dryland cotton producers, which rely on rain and stored soil moisture to support plant growth.Cotton is primarily grown in Queensland and New South Wales, and the harvest typically begins around March or April. In early October, Cotton Australia forecast output of 4 million to 4.5 million bales for 2023-24, compared with 5.5 million bales the previous season.
Cotton farmers block traffic in AboharIn protest against the Cotton Corporation of India’s (CCI) alleged reluctance to purchase of narma cotton at MSP, hundreds of farmers spent last night outside the New Grain Market here, continuing their chakka jam protest.Although talks took place between the administration and CCI officials, the issue could not be resolved. The protesting farmers also made toll plazas on two different stretches of the highway toll-free by coercion.Some administrative officers reached the dharna site and tried to persuade the farmers to end their agitation, but they did not budge. Later, the administration held a meeting with CCI officials but deadlock continued.Sanyukta Kisan Morcha spokesperson Nirmal Singh said that CCI, after an agreement on Saturday, had resumed purchase on Monday, but out of a total 150 stacks, only 27 were selected. Out of these, 17 stacks were rejected when the produce reached the cotton factory. He alleged that CCI staff declared the stacks ineligible for purchase without analysing the produce for quality.CCI procurement officer Gurdeep Singh said purchasing narma cotton is problematic because the crop got affected by pink bollworm and rain. He said CCI's quality conditions for cotton purchase cannot be compromised, and this has led to problems.
Today the rupee became stronger against the dollar. The rupee opened strongly against the dollar today. Today, the rupee opened with a strengthening of 1 paise at Rs 83.03 against the dollar. At the same time, on Wednesday, the rupee strengthened by 8 paise and closed at Rs 83.04 against the dollar.Nifty and Sensex opened with further gains today Today, BSE Sensex opened at the level of 71924.82 points with a gain of about 267.11 points. Whereas NSE's Nifty opened at 21699.00 points with a gain of 80.30 points. Today, trading started in a total of 2,061 companies in BSE.
The rupee strengthened by 8 paise and closed at Rs 83.04 against the dollar.Share market closed without any trend, Sensex rose by 272 pointsToday the stock market kept going up and down without any direction. Whenever the stock market went up, there was selling and whenever it came down, there was buying. Sensex closed at the level of 71657.71 points with a gain of about 271.50 points. Whereas Nifty closed at the level of 21618.70 points with a gain of 73.90 points.
Rupee fell against dollar today, opened 6 paise weaker The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 6 paise at Rs 83.18 against the dollar. At the same time, on Tuesday, the rupee strengthened by 2 paise and closed at Rs 83.12 against the dollar.Nifty and Sensex had a flat start today, opened with Today BSE Sensex opened with a fall of 3.01 points at the level of 71383.20 points. Whereas NSE's Nifty opened with a gain of 13.00 points at the level of 21531.80 points.
Stock market closed with gains for the second consecutive dayToday the Sensex closed at the level of 71386.21 points with a gain of about 30.99 points. Whereas Nifty closed at the level of 21544.80 points with a gain of 31.80 points.This evening the dollar fell by 2 paise and closed at Rs 83.12 against the rupee.
Rupee strengthened against dollar today, opened 6 paise stronger The rupee opened strongly against the dollar today. Today the rupee opened 6 paise stronger at Rs 83.08 against the dollar. At the same time, on Monday, the rupee strengthened by 1 paise and closed at Rs 83.14 against the dollar.Sensex and Nifty opened with huge gainsToday, BSE Sensex opened at 71770.91 points with a gain of about 415.69 points. Whereas NSE's Nifty opened at 21640.50 points with a gain of 127.50 points. Today trading started in a total of 2,151 companies in BSE.
Spinning sector is to make up for slow pace exports, says CITITextile mill associations asked for financial assistance for India’s spinning sector, which has been harmed by the ongoing Ukraine-Russia crisis, the current Israel-Hamas war, an 11 per cent import levy on cotton, and challenges connected to Quality Control Orders on man-made fibre.The Confederation of Indian Textile Industry (CITI) requested that the one-year moratorium on principal repayment be extended, and that three-year loans under the Emergency Credit Line Guarantee Scheme (ECLGS) be converted into six-year term loans.Rakesh Mehra, chairman of CITI, also advocated for the extension of “necessary funding to alleviate the strain on working capital, on a case-by-case basis” to eliminate the unforeseen crisis afflicting the textile sector, prevent job losses of several lakh people, maintain market share, and meet the anticipated export targets.Under the ECLGS, the textile industry got essential support of Rs. 16,920 crore, accounting for nearly 6 per cent of the overall payout of Rs. 2.82 lakh crore as of 30th September 2022.As per CITI, the spinning segment is presently in a serious crisis, with a 50 per cent loss in the value of cotton yarn exports of goods, a 23 per cent drop in overall cotton textile exports, and an 18 per cent drop in total textiles and apparel items for the fiscal year 2022-23 compared to 2021-2022.
The rupee strengthened by 1 paise and closed at Rs 83.14 against the dollar.Heavy fall in stock market, Sensex closed down by 671 points and Nifty by 198 points.Today Sensex closed at 71355.22 points with a fall of 670.93 points. Whereas Nifty closed at the level of 21513.00 points with a fall of 197.80 points.
Rupee opened 6 paise stronger against dollar The rupee opened strongly against the dollar today. Today the rupee opened 6 paise stronger at Rs 83.09 against the dollar. At the same time, on Friday, the rupee strengthened by 8 paise and closed at Rs 83.15 against the dollar.Slight rise in Nifty and Sensex today Today BSE Sensex opened at 72079.45 points with a gain of about 53.30 points. Whereas NSE's Nifty opened with a gain of 21.70 points at the level of 21732.50 points. Trading started today in a total of 2,456 companies on BSE.
Bangladesh's man-made fiber imports are increasingImports of man-made fibers by Bangladeshi apparel exporters are increasing, indicating increasing use of non-cotton in diverse apparel manufacturing to capture a larger share of the emerging global market for such new textiles.In exporters' bid to meet the rapid changes in demand for textiles across the globe, imports of quality non-cotton fibers have increased by more than 13 per cent in the last calendar year, industry sources said .In a sharp change, in the year 2021, the global apparel-market size was $440 billion, with MMF-based apparel market expanding by $222 billion or 51 percent and cotton-based by $190 billion or 42 percent, a research in taste change has shown .According to Bangladesh Textile Mills Association (BTMA) data, Bangladesh imported 0.21 million tonnes of polyester and viscose fiber during the January-November period of 2023.Imports were 13.39 per cent higher than the 0.18 million tonnes purchased during the same period in 2022, the data showed.According to industry people, Bangladesh largely manufactures cotton-based apparel as 75 percent of readymade apparel sent for export is made of cotton.But, in recent times, the use of non-cotton or man-made fibers has been increasing, although the percentage has still not reached satisfactory levels, he said, and called for government policy support.Asked about the change, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) vice-president Fazli Ehsan Shamim said MMF imports have increased in recent times in a sign of the growing use of non-cotton fibres.“This means we are producing both new products and value-added goods,” he said, adding that global demand for such goods has been increasing in the last few years.However, Mr Shamim feels that they need 'supportive' policy measures, especially customs related measures, to encourage entrepreneurs to move to such non-cotton sectors and attract investments.Farooq Hasan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), recently said that they aim to reach exports worth US$100 billion by 2030.“Diversification of products, fibers and markets are our key priorities to achieve that level,” he said.In recent years, he said, they have made significant investments in high value-added segments such as active wear, outwear, denim, lingerie, suits, fancy dress and formal wear.BGMEA is also working to develop luxury attire for women using age-old heritage materials Jamdani and Muslin fabrics, while the trade body is also working towards efficiency enhancement in terms of new product development and innovation, efficiency and profession skill enhancement and creation of Also focusing on capacity development. Tech-savvy industry.The trade body of apparel manufacturers and exporters has on various occasions demanded 10 per cent cash incentive for MMF-based apparel manufacturing.An exporter said production of MMF commodities requires huge investment in backward linkages and few are willing to invest amid the absence of necessary infrastructure including adequate gas supply.Exporters believe that government policy support is necessary to attract investment in the production of man-made fiber based apparel – not only to increase value addition but also to meet post-graduation challenges and remain competitive.Sector leaders urged the government to provide requisite policy support including incentives for non-cotton or man-made fiber production and take effective measures to develop expertise and technology transfer in the sector.According to a research by Research and Policy Integration for Development (RAPID) in 2022, Bangladesh can earn US$95 billion by 2030 from ready-made garment (RMG) exports if the country expands its MMF-based production along with existing cotton-made garments. May increase apparel shipments. stuff.The expected volume of exports will require Bangladesh to achieve 12 per cent and 20 per cent share of the global MMF and cotton-based commodities market respectively.According to the research findings, the country's market share in global MMF-based and cotton-based apparel is less than 5.0 percent and 16 percent, respectively.Currently, almost half of the total global apparel exports are MMF products while 42 per cent are cotton based.In contrast, the majority or more than 72 percent of Bangladesh's apparel exports are cotton based, while only 24 percent is MMF.In a sharp change, in 2021, the global apparel-market size was $440 billion, of which the MMF-based apparel market was $222 billion or 51 percent, and the cotton-based apparel market was $190 billion or 42 percent, as shown Is.
This evening, the rupee strengthened by 8 paise and closed at Rs 83.15 against the dollar.Today Sensex closed at 72026.15 points with a gain of 178.58 points. Whereas Nifty closed at the level of 21705.30 points with a gain of 46.70 points.
Rupee strengthened by 2 paise against dollar The rupee opened strongly against the dollar today. Today the rupee opened 2 paise stronger at Rs 83.21 against the dollar. At the same time, on Thursday, the rupee strengthened by 5 paise and closed at Rs 83.23 against the dollar. Nifty and Sensex opened with huge gains even todayToday, BSE Sensex opened at the level of 72114.34 points with a gain of about 266.77 points. Whereas NSE's Nifty opened at 21742.30 points with a gain of 83.70 points. A total of 2,486 companies started trading on BSE today.
| title | Created At | Action |
|---|---|---|
| Cotton farmers have started protesting in Adilabad due to high transportation charges. | 13-01-2024 18:24:40 | view |
| CCI's absence leads to distress selling in Abohar cotton market | 13-01-2024 17:58:30 | view |
| The rupee strengthened by 11 paise to close at Rs 82.92 against the dollar this evening. | 12-01-2024 23:34:29 | view |
| GHCL Textiles signs MoU for investing Rs 535 crore in Tamil Nadu | 12-01-2024 18:18:12 | view |
| No fresh orders, polyester weavers in Telangana's Sircilla stare at bleak future | 12-01-2024 18:02:03 | view |
| Rupee weakened against dollar today, know how much it weakened | 12-01-2024 17:25:34 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 83.03 against the dollar. | 11-01-2024 23:23:38 | view |
| Australia’s Cotton Crop Outlook Improves After Heavy Rains | 11-01-2024 18:18:40 | view |
| Cotton farmers block traffic in Abohar | 11-01-2024 17:54:02 | view |
| Today the rupee became stronger against the dollar. | 11-01-2024 17:33:34 | view |
| *The rupee strengthened by 8 paise and closed at Rs 83.04 against the dollar* | 10-01-2024 23:35:44 | view |
| Rupee fell against dollar today, opened 6 paise weaker | 10-01-2024 16:58:03 | view |
| This evening the dollar fell by 2 paise and closed at Rs 83.12 against | 09-01-2024 23:44:17 | view |
| Rupee strengthened against dollar today, opened 6 paise stronger | 09-01-2024 16:56:48 | view |
| Spinning sector is to make up for slow pace exports, says CITI | 09-01-2024 01:33:07 | view |
| The rupee strengthened by 1 paise and closed at Rs 83.14 against | 09-01-2024 00:26:40 | view |
| Rupee opened 6 paise stronger against dollar | 08-01-2024 17:00:25 | view |
| Bangladesh's man-made fiber imports are increasing | 06-01-2024 00:31:04 | view |
| This evening, the rupee strengthened by 8 paise and closed at Rs 83.15 against the dollar. | 05-01-2024 23:29:27 | view |
| Rupee streng thened by 2 paise against dollar | 05-01-2024 17:22:22 | view |
