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This evening, the rupee strengthened by 4 paise and closed at Rs 83.33 against the dollar.Today Sensex closed at 66174.20 points with a rise of 204.16 points. Whereas Nifty closed at the level of 19889.70 points with a gain of 95.00 points.

Cotton prices drop in several marketsThe price of Gujarat Shankar - 6 variety on today was ₹55, 800 a candy (356 kg of ginned cotton) as against ₹66,000 a candy an year ago.With the cotton prices remaining subdued due to lack of demand, the Cotton Corporation of India (CCI) has purchased nearly two lakh bales of cotton at Minimum Support Price since the beginning of the current cotton season (October 1, 2023 to September 30, 2024).Lalit Kumar Gupta, Chairman and Managing Director of the CCI, said the organisation is buying cotton at MSP price in nine States. It is active in most of the growing States, except Gujarat and Odisha (The MSP for seed cotton is ₹6,620 a quintal for medium staple and for long staple cotton it is ₹7,020 a quintal).The current daily arrivals are over 1.5 lakh bales. Since the beginning of the season, 47 lakh bales have arrived at the market compared with 35 lakh bales for the same period last year. “We buy 8 % - 10% of the arrivals at MSP. We will not permit the prices to fall below the MSP. When we buy at MSP, the price is stimulated. Our presence in the market matters.” There are uncertainties now and if the demand picks up, the market will improve, he said.A cotton farmer in Telangana, Jaipal, said, “For the last one year, there is no international demand for cotton. Farmers who want immediate cash are selling at less than MSP price too. Some are holding back cotton, and some others are selling to CCI at MSP,” he said.source : the hindu

Rupee falls 3 paise to close at record low of 83.37 against US dollarThe Indian rupee fell 3 paise against the US dollar on Friday and closed at a record low in view of weakness in Asian competitors and demand for dollars from foreign banks. The local currency closed at a new low of 83.37 per dollar compared to the previous close of 83.34.Sensex falls 48 points, Nifty closes below 19,800Stock market indices closed marginally lower on Friday as global cues remained subdued and the global rally in information technology stocks faded.

Cotton Corporation to procure premium Kasturi cotton this seasonState-run Cotton Corp. of India (CCI) is set to procure over one million bales of premium Kasturi cotton in the current season that began in October. Union Textile Minister Piyush Goyal is scheduled to unveil products crafted from this high-grade fiber on 2 December, as a part of the government's initiative to promote it in global markets.India's cotton output for the 2023-24 season is projected at 36 million bales of 170 kg each, Lalit Kumar Gupta, chairman and managing director, CCI. Last year, output stood at an estimated 34.2 million bales.Despite a marginal decrease in area under cotton to 12.6 million hectare from 12.9 million hectare, Gupta does not expect a hit to output.Currently, around 300 ginning and pressing factories registered with the Cotton Textiles Export Promotion Council (TEXPROCIL) are equipped to process Kasturi cotton. Gupta highlighted that unlike India, which has only recently branded its cotton despite being a major producer with the largest area under the cash crop, Egypt has successfully positioned its Giza cotton brand internationally with an annual output of a modest one million bales.He emphasized that Kasturi Cotton Bharat is produced to stringent standards, with a strict 2% cap on trash content to ensure its premium quality and 100% traceability.The textile ministry, meanwhile, is slated to organize a three-day global textile event, BharatTex, from 26 February in New Delhi.

This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 2 paise.Today the Sensex fell by about 5.43 points and closed at the level of 66017.81 points. Whereas Nifty closed at the level of 19802.00 points with a fall of 9.80 points.

This evening, the rupee strengthened by 4 paise and closed at Rs 83.32 against the dollar.Today Sensex closed at 66023.24 points with a gain of 92.47 points. Whereas Nifty closed at the level of 19811.80 points with a gain of 28.40 points. Apart from this, a total of 3,830 companies were traded in BSE today, out of which about 1,637 shares closed with gains and 2,049 shares closed with decline. There was no difference in the share prices of 144 companies. Today, 304 stocks have closed at their 52-week high.

Pakistan Cotton market: Mills show little interest in fresh buyingThe local cotton market on Tuesday remained steady and the trading volume remained low.Cotton Analyst Naseem Usman told the rate of cotton in Sindh is in between Rs 15,500 to Rs 18,000 per maund.The rate of Phutti in Sindh is in between Rs 5,000 to Rs 7,200 per 40 kg. The rate of cotton in Punjab Rs 16,000 to Rs 18,000 per maund and the rate of Phutti in Punjab is in between Rs 6,500 to Rs 8,400 per 40 kg.The rate of cotton in Balochistan is Rs 17,000 to Rs 17,500 per maund while the rate of Phutti is in between Rs 6,500 to Rs 8,000 per 40 kg.200 bales of Tando Adam were sold at Rs 16,000 to Rs 16,500 per maund, 200 bales of Lodhran were sold at Rs 17,300 per maund, 1000 bales of Sadiqabad were sold at Rs 17,800 per maund, 600 bales of Donga Bonga and 400 bales of Haroonabad were sold at Rs 17,200 per maund.The Spot Rate remained unchanged at Rs 17,500 per maund. Polyester Fiber was available at Rs 360 per kg.

This evening, the rupee closed at Rs 83.36 with a weakness of 2 paise against the dollar.Today the Sensex closed at 65930.77 points with a gain of about 275.62 points. Whereas Nifty closed at the level of 19783.40 points with a gain of 89.40 points.

Increase in labour cost in Bangladesh could help Indian garment exporters, say expertWill Indian garment export demand see an upswing due to labour issues in Bangladesh, which has an edge over India in the sector globally? Things look bright but challenges remain.Bangladesh has built a ‘solid’ garment industry in the last one decade. It has an edge over India in the global readymade garments market, which is valued around $1,110 billion in 2023. India’s exports of readymade garments (RMG) including cotton accessories stood at $16 billion in FY23. In comparison, Bangladesh’s RMG exports last fiscal was more $47 billion, according to data on the web.David Birnbaum, Strategic Planner for the Global Garment Export Industry, says garment industries in Bangladesh are in trouble as tens of thousands of workers have taken to the street seeking higher wages. With minimum wage of $75 per month, workers there are demanding now minimum wages of $208. However, the industry has offered $113 on a take-it-or-leave-it-basis, he said.“We are looking at an existential problem. Frankly, a rise to $113 is not enough. Indeed, it is still below wages in neighbouring India and Pakistan,” he said. India’s wages in the garment sector is $168, while it is $142 in Pakistan, he added.Bangladesh’s garment industry is certainly in a state of decline, but so too are Pakistan and Cambodia and the other cheap commodity garment exporters, he told businessline.“India’s advantage is that it is not Bangladesh. India’s strategy is not to become the next Bangladesh but rather the next India. You have special nets and and facilities that customers want and need. Develop those. For instance, India has great fashion and colour sense. You can produce great quality. You can maintain design integrity. However, these are of no value if you plan to be the next Bangladesh,” he said.The Indian garment export demand may see an upswing due to high labour costs in Bangladesh, which is a major competitor, said P Sundararajan, CMD, SP Apparels Ltd, based in Avinashi in Coimbatore, and a large garment exporter.Bangladesh is consuming a wage hike of 35 per cent to 40 per cent. The high inflation there could create an opportunity for India’s apparel players. The situation in Bangladesh presents a significant opportunity for the Indian garment industry to capture a larger share of the global market, he told analysts while discussing the company’s September quarter financial results.Moreover, recent developments in Bangladesh, such as increase in labour costs and worker unrest impacting the industry, have led many retailers to shift their focus away from Bangladesh, he said.Scale & Competitiveness“Indian apparel companies needs to build scale and competitiveness in every aspect of manufacturing, very importantly integration. Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” he said.N Chandran, Chairman of the Tiruppur-based Eastman Exports, said, “there will be no immediate benefits, but we hold a positive outlook for the long term. We will have to monitor events in Bangladesh, including the consideration of duty-free access to the US. The consideration of duty-free access to the US is in the wake of Bangladesh seeking this benefit from the US for its exports.”“Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” said Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation, Coimbatore.. “We need to build scale and competitiveness in every aspect of manufacturing, very importantly integration,” he added.

This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 7 paise.Today Sensex closed at 65655.15 points with a fall of 139.58 points. Whereas Nifty closed at the level of 19694.00 points with a fall of 37.80 points. Apart from this, a total of 3,980 companies were traded in BSE today, out of which about 1,882 shares closed with gains and 1,932 shares closed with decline. There was no difference in the share prices of 166 companies. Today, 413 stocks have closed at their 52-week high.

This evening, the rupee closed at Rs 83.27 against the dollar with a weakness of 4 paise.  Today the Sensex closed at the level of 65794.73 points with a gain of about 187.75 points. Whereas Nifty closed at the level of 19731.80 points with a gain of 33.40 points.