The rupee appreciated 2 paise against the dollar this evening, closing at Rs 83.50.At the end of trading, BSE Sensex fell 1,062.22 points or 1.45% to 72,404.17. Whereas NSE's 50 share index Nifty is 345 points orclosed at 21,957.50 with a dive of 1.55%Read more :- Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton
Olam Outbids Dreyfus in the Battle for Namoi CottonOlam Agri Holdings Ltd. has yet again trumped Louis Dreyfus Co.’s bid for Namoi Cotton Ltd., as the two major agricultural traders vie for the Australian cotton producer. The Singaporean-based company will increase its bid for Namoi to A$0.70 a share, three cents higher than LDC’s most recent bid on Tuesday, it said in a statement on Wednesday. Its latest offer values the company at around A$144 million . The traders have progressively raised their offers in recent weeks, and shares in Namoi — the largest Australian-owned cotton processor — have climbed to the highest since 1999.The companies are vying to gain a bigger foothold in Australia’s cotton industry, which is the world’s sixth biggest. Olam Agri acquired Queensland Cotton in 2007 and owns a number of ginning facilities in New South Wales and Queensland. LDC bought Dunavant’s Australian cotton business in 2010 and owns three processing plants in the country.Olam Agri offered A$0.66 cents a share for Namoi late last week, contingent on getting backing from more than half the company’s shareholders. At the time, it said it would pay A$0.70 if it successfully secured at least 90% support. However, that was rebuffed when Rotterdam-based LDC, which currently holds around 17% of Namoi’s shares, said a day later that it wouldn’t accept Olam Agri’s bid. Namoi’s biggest shareholder, Samuel Terry Asset Management Pty Ltd., said in a letter to directors that it supported Olam’s latest bid.Read more : - The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore
The rupee fell by 1 paise to settle at Rs 83.52 versus the US dollar this evening.At the end of trading, BSE Sensex fell 45.46 points or 0.062% to close at 73,466.39. On the other hand, NSE's 50-share index Nifty closed at 22,304.90 with a marginal gain of 2.40 points or 0.011%.Read more :- Initiatives Aimed at Reviving Cotton Production in Africa
The rupee saw a 2 paise decline against the dollar this evening, closing at Rs 83.51.At the end of trading, BSE Sensex closed at 73,511.85, up 383.69 points or 0.52%. Whereas NSE's 50-share index Nifty closed at 22,301.45 with a decline of 141.25 points or 0.63%.Read more :- Pakistan: Government Sets Target of 6.5 Million Cotton Bales
The rupee fell 7 paise to settle at Rs 83.49 versus the US dollar this evening. At the end of trading, BSE Sensex closed at 73,895.54, up 17.39 points or 0.024%. Whereas NSE's 50-share index Nifty closed at 22,442.70 with a decline of 33.15 points or 0.15%.Read more : - The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore
There are plans to open depots in Coimbatore by the Cotton Corporation of India (CCI)The Cotton Corporation of India (CCI) is planning to establish two depots in Coimbatore and nearby areas to facilitate the sale of cotton to spinning mills in Tamil Nadu. This move is part of their efforts to make cotton more accessible to textile mills, particularly in the small and medium-scale sector.The CCI, a public sector entity, has procured a significant amount of cotton from farmers at Minimum Support Price (MSP) during the current cotton season, amounting to nearly 35 lakh bales. They have already sold around six lakh bales of this cotton. By establishing depots in Coimbatore, they aim to streamline the distribution process and provide easier access to cotton for local textile mills.The chosen locations for these depots are Singanallur and Avinashi. The cotton sales will be conducted through e-auctions exclusively for mills registered with CCI. It's estimated that approximately 5,000 bales of cotton will be sold daily from these depots, benefiting MSME spinning mills in Tamil Nadu.One notable advantage for mills purchasing from these depots is the ability to inspect samples and assess cotton quality firsthand, which was not possible when buying from out-of-state warehouses. Additionally, purchasing directly from CCI reduces reliance on intermediaries and can potentially expedite the procurement process.While the volume of cotton sold by CCI remains relatively small compared to private traders, the initiative is expected to significantly benefit MSME mills in Tamil Nadu. The removal of market cess on cotton by the Tamil Nadu government in 2021 further encourages the sale of cotton through CCI depots in the state, making it a more attractive option for local textile manufacturers.Read More :> Pakistan: Government Sets Target of 6.5 Million Cotton Bales
Pakistan: 6.5 million cotton bales are the government's goal.At the third review meeting on cotton crop held at Muhammad Nawaz Sharif University of Agriculture, Punjab's Minister for Agriculture, Syed Ashiq Hussain Kirmani, expressed confidence in Punjab's ability to achieve the target of 6.5 million cotton bales this year.Kirmani underscored the significance of cotton cultivation in Punjab and the government's commitment, directed by Punjab Chief Minister Maryam Nawaz, to revive cotton production in the region.He outlined plans to rejuvenate south Punjab as a leading cotton hub, highlighting cotton's pivotal role in bolstering the national economy.Kirmani assured the utilization of all available resources to meet cotton cultivation and production targets, with various projects underway to usher in a green revolution in the province.He ensured the availability of quality agricultural inputs at fixed prices and instructed the Agriculture Extension and Pest Warning staff to organize monthly activities for efficient management.Furthermore, Punjab Agriculture Secretary Iftikhar Ali Sahoo stressed the regular conduct of Divisional and District Advisory Committees meetings.Kirmani emphasized the importance of implementing technical advisories from the Agriculture department and cautioned against any negligence in guiding farmers.He advocated for digital monitoring of field staff activities in cotton areas and urged them to enhance their professional skills in assisting farmers.Measures to boost the breeding capacity of beneficial insects and postpone chemical sprays on cotton were also recommended.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence
The rupee appreciated 5 paise against the dollar this evening, closing at Rs 83.42.At the end of trading, BSE Sensex closed at 73,878.15, down 732.96 points or 0.98%. At the same time, NSE's 50-share index Nifty closed at 22,475.85, falling 172.35 points or 0.76%.Read more :- Initiatives Aimed at Reviving Cotton Production in Africa
Efforts to Revitalize African Cotton ProductionIn a strategic partnership, Better Cotton and Afreximbank, with support from the World Trade Organization (WTO), are spearheading initiatives to bolster cotton production across Africa, particularly in Nigeria.Recent measures by the Central Bank of Nigeria (CBN) restricting forex access for textile imports have led to a modest resurgence in Nigeria's cotton market.To further amplify production, Afreximbank has introduced the African Cotton Initiative (AFRICOTIN), aimed at invigorating the entire cotton value chain to generate substantial income opportunities for millions across the continent.Afreximbank's commitment is evident with a robust cotton pipeline, including $195 million in textile and cotton Parks in Burkina Faso and textile and garments industrial parks in Nigeria.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence
The rupee fell 4 paise to settle at Rs 83.47 versus the US dollar this evening.At the end of trading, BSE Sensex closed at 74,611.11, up 128.33 points or 0.17%. Whereas NSE's 50-share index Nifty closed at 22,648.20, up 43.35 points or 0.19%.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence
ICE Cotton Sees Dramatic Drop In the midst of market volatility15-Month Low for ICE Cotton prices plunged to a fifteen-month nadir on Wednesday, influenced by declining crude oil prices and the persistent high Federal Reserve interest rates amidst heightened inflation.Price Details The July US cotton contract saw a significant reduction, closing at 76.51 cents per pound, before further dropping to 76.05 cents. From the start of April, this contract has descended by 1,680 points from 93.31 cents. Similarly, the December contract settled at 75.17 cents, down by 918 points over the last month.Impact of Crude Oil and Dollar Index Crude oil's nearly 3% drop due to increased supply and a calmer Middle East significantly impacted cotton prices. The US dollar index, despite its strength, slightly eased after Federal Reserve remarks, offering some support to cotton prices.Market Dynamics trading activity was robust with 56,592 contracts on Wednesday. Open interest for July increased, indicating a rise in speculative short positions.Stock Movements the ICE Cotton exchange began with certified stocks at 183,114 bales, experiencing movements in certifications and awaiting further review of 1,700 bales.Market Outlook the current lower cotton prices benefit mills, yet the volatility makes strategic purchasing challenging. Continued low prices could lead to financial strains for US growers and potentially affect future sowing decisions.Recent Trading Session Updates During Thursday's session, there was a mixed response in cotton prices. The July 2024 contract rose by 0.61 cent to 77.12 cents per pound, while other contracts saw varied adjustments.Read More :> How 5G, AI and a cotton revolution helped China beat US Xinjiang sanctions
In early trade, the rupee opened unchanged against the US dollar at 83.43.The rupee traded on a flat note at 83.43 against the US dollar in early trade on Thursday amid a strong greenback after the American central bank decided to keep interest rate unchanged.Sensex 200 pts up, Nifty Bank above 49,300 markBSE Sensex and NSE Nifty 50 opened flat on Thursday. Sensex opened 91.05 points, or 0.12 per cent lower at 74,391.70 while Nifty opened 37.00 points, or 0.16 per cent lower at 22,567.80.Read More :> Promoting Prompt Payments in Alignment with the Income Tax Act for MSMEs
Embracing Timely Payments in Accordance with I-T Act for MSMEsWith the dawn of the new financial year, Surat's textile sector witnesses a gradual return to normalcy as fresh orders trickle in. Traders exhibit renewed confidence, spurred by the imperative of adhering to payment deadlines mandated by the Income Tax (I-T) Act for MSMEs.In line with statutory requirements, the Federation of Gujarat Weavers’ Welfare Association (FOGWWA) reinforces the importance of honoring a 30-day payment time limit among textile weavers.Under the I-T Act, payments to small and micro industries must be disbursed within 15 days or, with a written agreement, within 45 days. Delays in payment not only pose concerns for traders but also escalate their tax liabilities.Acknowledging this, traders have now embraced the 45-day timeframe, seeking to prevent its normalization. FOGWWA issues a circular, underscoring the necessity for weavers to adhere strictly to the 30-day payment rule.Ashok Jirawala, president of FOGWWA, reaffirms this commitment, emphasizing the cultivation of sound business practices to facilitate seamless transactions for both parties.While acknowledging the customary practice of mutual agreement on payment terms between weavers and traders, Kailash Hakim, president of the Federation of Surat Trade and Textile Associations (FOSTTA), echoes the sentiment that a timely payment framework serves the best interests of the textile industry.Read more :- How 5G, AI and a cotton revolution helped China beat US Xinjiang sanctions
How China overcame US Xinjiang sanctions using 5G, AI, and a cotton revolutionChinese researchers detail how technology has transformed the region’s textile industry and led to record surge in exportsA “revolutionary shift” in the technology used in Xinjiang’s textile mills has seen a record surge in exports, in defiance of US sanctions that have barred most Western fashion labels from selling any product woven with a strand of the region’s cotton.Customs records show Xinjiang’s textile exports last year reached 108 billion yuan (US$14.8 billion), with a 74 per cent jump for yarn and other raw materials, and a rise of 30 per cent for clothing.The 2023 results followed Washington’s sanctions imposed in June the previous year, which largely banned Xinjiang textiles over human rights concerns over the alleged treatment of the region’s largely Muslim Uygur population.In the same period, Indian and Vietnamese textile exports dipped by 6 per cent and 10 per cent, respectively.The scientists found that malfunctions, downtime and other vital data and events were recorded manually, while quality assurance also relied on random manual checks because of the high output volumes.Because of 5G’s swifter speeds compared to conventional wireless technology, it supports more connections and drastically cuts data transmission delays – paving the way for AI to oversee the factory’s entire operation.The researchers said that in a typical Xinjiang textile factory today, AI was monitoring every spindle rotation to alert operators or maintenance staff to inspect potential problems identified by vast data gathering from sensors.In cotrast to other countries – where 5G technology is rarely used in factories – mainly because of its high cost, China’s extensive construction of 5G base stations and rapid technological advances have significantly reduced the expense.The transformation of Xinjiang’s textile industry represents just part of the broader upgrade taking place across the region’s entire industrial landscape.Automated planting and harvesting have been adopted in nearly all of the region’s cotton fields, while drones are further improving crop quality through pest monitoring and pesticide application, local media has reported.Despite a gradual decrease in the total area of its cotton fields over the years, Xinjiang’s output has increased as a result of these technological advancements, according to the reports.Xinjiang, the largest provincial-level administrative region in China, produces more than 90 per cent of China’s cotton, and a quarter more than the entire output of the United States.The US government alleges that Xinjiang cotton products may involve forced labour and lawmakers are considering a new round of sanctions on popular Chinese fast fashion retailers.Also in April, the Chinese government initiated the latest round in its nationwide effort to modernise manufacturing.According to the Ministry of Industry and Information Technology, projections indicate that by the end of next year, 70 per cent of China’s textile factories will have achieved digital connectivity and completed the AI transformation.Read More :> Smart Growth: High-Quality Cotton Achieved Through Uniform Varieties
The rupee appreciated 4 paise against the dollar this evening, closing at Rs 83.43.At the end of trading, BSE Sensex closed at 74,482.78, down 188.50 points or 0.25%. Whereas NSE's 50-share index NiftyIt slipped 45.60 points or 0.20% to 22,604.85.Read more :- Smart Growth: High-Quality Cotton Achieved Through Uniform Varieties
Intelligent Development: Consistent Varieties Lead to Superior Cotton QualityIn the Nagpur district, under the Maharashtra government's Smart Cotton Project, a group of farmers has successfully cultivated high-quality cotton using a uniform variety, which boasts a higher lint percentage and cleaner bolls. This achievement involved about 1,000 farmers from five different groups across the state, emphasizing the shift from traditional practices where varying cotton varieties led to inconsistent product characteristics.Arvind Uprikar, Deputy Commissioner of Agriculture and nodal officer for the district, highlighted the exceptional quality of the cotton produced. "The cotton bales from all five groups are of a super grade variety with a staple length of 30-31 MM. This makes them highly desirable to spinners and bale buyers due to their high lint percentage and cleanliness," Uprikar stated.Now in its second year, the project has expanded to include 95 new farmers from the talukas of Katol, Narkhed, Nagpur, Saoner, and Hingna. Initially, 1,800 farmers across 60 villages were provided with seeds for long-staple, high-lint cotton on a pilot basis, accompanied by the distribution of 3,600 cotton picking bags.A comprehensive three-day training was conducted by CIRCOT Nagpur for the farmers, focusing on efficient pre-picking techniques to minimize trash and ensuring clean cotton boll collection, with a designated ginning unit to process the bales.Jayesh Mahajan, the state's nodal officer for post-harvest under the Smart Cotton Project, remarked on the project's growth from 2,900 to 5,500 bales, with participation increasing from 500 to 900 farmers. "We've also engaged with over 100,000 farmers statewide," he added. Mahajan emphasized the project's goal to enhance lint percentage and variety uniformity for mass production under similar ecological conditions. "Improving the farmers’ storage practices is crucial as poor habits have previously marred the reputation of Indian cotton. Our focus is on maintaining quality throughout processing to ensure farmers receive a fair price," he explained.The project operates on a push and pull mechanism, with the government certifying quality to attract buyers, while the introduction of e-auctioning helps in fair price discovery and protection against exploitation.Mahajan also noted the economic strategy behind timely processing, "Converting lint into bales promptly after seed sales maximizes profits, especially as cotton's value decreases over time."This initiative not only promises improved cotton quality but also supports sustainable agricultural practices and economic growth for farmers in Maharashtra.Read More :> Cotton Acreage: Stability and Challenges Across Regions
The rupee lost 13 paise to close at Rs 83.47 versus the US dollar this evening.At the end of trading, BSE Sensex closed at 74,671.28, up 941.12 points or 1.28%. Whereas NSE's 50-share index Nifty closed at 22,643.40 with a gain of 223.45 points or 1%.Read more :- Cotton Acreage: Stability and Challenges Across Regions
Cotton Acreages: Stability and Challenges Across ZonesIn India, the forthcoming kharif season of 2023-24 presents varied prospects for cotton acreages across different regions. Here's an surveyCentral and South Zones:Stable Acreages these regions, known as the top cotton-producing areas in India, are expected to maintain their cotton acreages, largely due to forecasts of a normal monsoon.Challenges despite stable acreages, there's a looming shortage of premium cotton hybrid seeds, which could impact cropping trends in these zones.North Zone:Declining Acreages the North zone is anticipated to witness a significant decline of 20-30% in cotton acreages. This decline is attributed to rising pest infestations and weakening sentiment towards cotton cultivation.Seed Production Challenges:Drought Impact seed production, particularly in Karnataka, faced challenges due to drought conditions last year. The adverse effects of drought on seed output have cast uncertainty over seed availability for the upcoming season.Market Dynamics and Demand:Shortage Concerns while North India may not experience a seed shortage, the South and Central regions could face a scarcity of popular seed brands, potentially by 15 to 20%.Hybrid Seed Demand the industry anticipates a demand for 4.5-5 crore packets of cotton hybrid seeds, with a significant portion being premium varieties sought for their high yield potential.Industry Insights and Expectations:Outlook despite challenges, the overall cotton acreages are projected to increase by about 5% this year, driven by forecasts of normal monsoon conditions and favorable pricing.Factors Influencing Acreages various factors such as pest damages, disease issues like boll rot, and the attractiveness of alternative crops like corn, groundnut, and paddy are influencing cotton acreage decisions across different zones.Conclusion:The upcoming cotton sowing season presents a mixed outlook across India's cotton-growing regions. While stability is anticipated in the Central and South zones, challenges in seed availability and pest issues are influencing cotton acreages in the North zone. The industry remains cautiously optimistic, emphasizing the importance of monitoring weather conditions and market dynamics for effective decision-making in cotton cultivation.Read more :- Declining Cotton Cultivation Trends Continue in Khandesh
The rupee fell two pip against the dollar this evening, closing at Rs 83.34.At the end of trading, BSE Sensex closed at 73,730.16, down 609.28 points or 0.82%. NSE's 50-share index Nifty fell 150.40 points or 0.67% and closed at 22,419.95.Read more :- Madhya Pradesh Cotton Ginning Operations Reduced Due to Falling Supply
Rupee drops 5 paise versus the US dollar to 83.33.At the interbank foreign exchange, the domestic unit opened weak at 83.30 against the dollar and then further slipped to 83.33, registering a fall of 5 paise over its previous close.Market slips from day highs! Nifty below 22,550, Sensex near 74,200The NSE Nifty 50 opens up by 50.05 points or 0.22% at 22,620.40, while the BSE Sensex jumps 169.88 points or 0.23% to 74,509.31 in the opening trade. The broader indices opened in mixed territory. Bank Nifty index opens higher by 165.05 points or 0.34% to settle at 48,660.Read More : Declining Cotton Cultivation Trends Continue in Khandesh
| title | Created At | Action |
|---|---|---|
| This evening, the rupee strengthened by 2 paise and closed at Rs 83.50 against the dollar. | 09-05-2024 16:24:22 | view |
| Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton | 09-05-2024 13:01:25 | view |
| This evening, the rupee closed at Rs 83.52 against the dollar with a weakness of 1 paise. | 08-05-2024 16:21:32 | view |
| This evening, the rupee closed at Rs 83.51 against the dollar with a weakness of 2 paise. | 07-05-2024 16:27:51 | view |
| This evening, the rupee closed at Rs 83.49 against the dollar with a weakness of 7 paise. | 06-05-2024 16:33:50 | view |
| The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore | 06-05-2024 10:17:05 | view |
| Pakistan: Government Sets Target of 6.5 Million Cotton Bales | 03-05-2024 18:11:09 | view |
| This evening, the rupee strengthened by 5 paise and closed at Rs 83.42 against the dollar. | 03-05-2024 16:40:37 | view |
| Initiatives Aimed at Reviving Cotton Production in Africa | 02-05-2024 18:16:43 | view |
| This evening, the rupee closed at Rs 83.47 against the dollar with a weakness of 4 paise. | 02-05-2024 16:42:02 | view |
| ICE Cotton Faces Sharp Decline Amid Market Turbulence | 02-05-2024 12:44:51 | view |
| Rupee open flat at 83.43 against US dollar in early trade | 02-05-2024 10:51:37 | view |
| Promoting Prompt Payments in Alignment with the Income Tax Act for MSMEs | 01-05-2024 17:34:09 | view |
| How 5G, AI and a cotton revolution helped China beat US Xinjiang sanctions | 01-05-2024 14:04:56 | view |
| This evening, the rupee strengthened by 4 paise and closed at Rs 83.43 against the dollar. | 30-04-2024 16:49:03 | view |
| Smart Growth: High-Quality Cotton Achieved Through Uniform Varieties | 30-04-2024 12:35:33 | view |
| This evening, the rupee closed at Rs 83.47 against the dollar with a weakness of 13 paise. | 29-04-2024 16:52:59 | view |
| Cotton Acreage: Stability and Challenges Across Regions | 26-04-2024 18:12:34 | view |
| This evening, the rupee closed at Rs 83.34 with a weakness of 2 paise against the dollar. | 26-04-2024 16:40:15 | view |
| Rupee declines 5 paise to 83.33 against US dollar | 26-04-2024 11:32:41 | view |
