Recent News

Rupee fell 4 paise to 83.19 against US dollarSensex and Nifty opened with nominal gainsToday the stock market started with a rise. Today BSE Sensex opened at 66024.41 points with a rise of about 0.72 points. Whereas NSE's Nifty opened with a gain of 10.00 points at the level of 19684.50 points.The Indian rupee opened 5 paise lower against the US dollar on Tuesday amid a strong US currency and rise in treasury yields overseas. The local currency opened at 83.19 per dollar compared to the previous close of 83.1

India's monsoon starts delayed retreatIndia's monsoon rains started withdrawing from the northwest of the country on Monday, more than a week later than normal, the state- run India Meteorological Department (IMD) said in a statement.The monsoon, the lifeblood of India's $3 trillion economy, delivers nearly 70% of the rain needed to water its farms and recharge reservoirs and aquifers.The monsoon generally begins in June and starts to retreat by Sept. 17 but rains continued this year, helping to reduce a precipitation deficit after the driest August in more than a century hit some summer crops.Monsoon rains were 9% below average in June before rebounding to 13% above average in July. The weather office then registered 36% below average rains last month.Monsoon rains so far in September are 17% above average, according to IMD."The southwest monsoon has withdrawn from some parts of Rajasthan. Conditions are favourable for the withdrawal of the monsoon from more northern states in the next one week," a senior IMD official said.

In the evening, the rupee closed at Rs 83.15 with a weakness of 22 paise against the dollar.Stock market saved from declineThere was stability in the stock market today. Today Sensex closed at 66023.69 points with a gain of 14.54 points. Whereas Nifty closed at the level of 19674.50 points with a gain of 0.20 points.

Cotton production next season expected to be about 330 lakh bales, says cotton federationIndia is expected to see production of 330 lakh to 340 lakh bales (each 170 kg) of cotton in 2023-2024 cotton season that begins on October 1, said J. Thulasidharan, president of the Indian Cotton Federation, in Coimbatore city on September 24.He said at the annual general meeting of the federation that sowing had crossed 12.7 million hectares. In the current season that would end this month, 335 lakh bales of cotton had arrived in the market and even now, with just a few more days for the season to end, 15,000 to 20,000 bales were coming to the market. Some of it was new harvest from Karnataka and the northern cotton growing States.The trend may continue during the next cotton season. The Central government has increased the Minimum Support Price (MSP) for cotton by 10 % and at present the market prices are above the MSP. The demand for cotton from the textile industry was low this year and most of the textile units functioned at less than optimum capacity, he said.According to P. Nataraj, vice president of the federation, import of extra long staple cotton was affected this season due to 11% import duty, though there was partial relaxation for imports from Australia, South Africa etc. There is a need to increase the yield in the cotton farms in India by adopting best practices.Secretary of the federation Nishant Asher said export of yarn and finished textile goods though affected by recessionary trend had seen a revival recently.source : The Hindu Bureau

Rupee falls 11 paise to open at 83.04 against the US dollarThe Indian rupee opened 11 paise lower against the US dollar Monday weighed down by broader strength in the greenback and soaring US treasury yields. The local currency opened at 83.04 a dollar as against Friday’s close of 82.93.*The stock market opened with a rise and immediately fell.**Today started with a decline in the stock market. Today BSE Sensex opened with a fall of 75.01 points at the level of 65934.14 points. Whereas NSE's Nifty opened with a fall of 23.70 points at the level of 19650.60 points.*

SIMA's new president urges government to announce new technology mission for cottonSundararaman, managing director of Coimbatore-based Shiva Texyarn Ltd, has been elected as the president of the Southern India Mills Association for 2023-24.There is an urgent need for the Center to announce a new technology mission for cotton with large scale funding. This has become necessary as more than 7 million farmers and 35 million people in the textile value chain are directly dependent on the availability of quality cotton at internationally competitive rates, said KS Sundararaman, newly elected president of the Southern India Mills Association (SIMA). ,Sundararaman, managing director of Coimbatore-based Shiva Texyarn Ltd, was elected president for 2023-24 at the 64th annual general meeting of the association held on Thursday.Durai Palanisamy, executive director of Pallava Textiles P Ltd, Erode, was elected vice-chairman and S Krishnakumar, managing director of Sulochana Cotton Spinning Mills P Ltd, Tiruppur, was elected vice-chairman, according to a release.India's average cotton productivity is only around 430 kg per hectare, while more than 20 cotton-producing countries achieve an average above 1,500 kg per hectare. Lauding the pilot project launched by the Agriculture Ministry with a budget outlay of ₹44.2 crore on the intervention of the Textiles Ministry, Sundararaman said there is an urgent need to import modern seed technology and adopt global best practices in agronomy. This will increase the income of farmers three times and the country will become a major player in the cotton textile industry.The Indian textile and clothing industry has been facing challenges in recent times mainly due to structural issues on the raw material front, tariff and non-tariff barriers, high cost of production and scale of operations, high transportation and capital costs and other external factors. Have to face. ,Notably, it is the second largest employment provider after agriculture, generating employment for over 110 million people, generating over ₹30,000 crore GST revenue and $44 billion foreign exchange earnings, the release said .The industry focused on cotton and its textile products, taking advantage of the abundant availability of domestic cotton, which was available at 5 percent to 10 percent less than the international cotton price.However, this profit has declined in recent years due to the dominance of multinational cotton traders, imposition of 11 per cent import duty and speculative trading on the MCX cotton futures platform. Man-made fiber (MMF) and yarn producers were protected by heavy anti-dumping duty of up to 23 per cent.He appreciated the initiative of the Center in removing anti-dumping duty on all raw materials, especially polyester staple fiber and viscose staple fiber—major MMF raw materials. However, the smooth supply of MMF and filaments has been stopped due to the new quality control orders as BIS has not considered most of the raw material suppliers in India, he said.The ban on imports under the Advance Authorization Scheme has created a stir. He said that MMF Value Chain has established its eponymous business based on certain commitments. They also have large export obligations under EPCG as they have made huge investments in imported machinery by availing duty free concession, the release said.

Telangana: Change in trend of Khammam cropChanging Crop Trends: Farmers in Khammam district have been altering their crop choices due to irregular rainfall and the increased demand for chili.Cotton Area Decrease: The cotton cultivation area has decreased as the prices offered for cotton in the previous year did not meet the farmers' expectations. Additionally, cotton is highly dependent on rainfall, which was not as expected during the sowing season.Cotton vs. Chili: The normal area for cotton cultivation in the district was around 2,28,011 acres. However, in the current year, it has reduced to 1,83,266 acres, while chili cultivation has increased to about 80,000 acres compared to the normal 57,000 acres.Chili Prices: The Teja variety of chili, in particular, fetched high prices of over Rs 25,000 per quintal in the previous season, making it an attractive choice for farmers.Paddy Cultivation Decrease: The area under paddy cultivation has also decreased this year, with 2,63,820 acres sown by September 20, compared to 2,82,387 acres the previous year.Overall Agricultural Area: The total cultivated area in the district has reduced this year, with 4,66,323 acres under cultivation by September 20, accounting for 86.33 percent of the normal cultivated area, which is typically 5,65,824 acres.

Telangana: Change in trend of Khammam cropChanging Crop Trends: Farmers in Khammam district have been altering their crop choices due to irregular rainfall and the increased demand for chili.Cotton Area Decrease: The cotton cultivation area has decreased as the prices offered for cotton in the previous year did not meet the farmers' expectations. Additionally, cotton is highly dependent on rainfall, which was not as expected during the sowing season.Cotton vs. Chili: The normal area for cotton cultivation in the district was around 2,28,011 acres. However, in the current year, it has reduced to 1,83,266 acres, while chili cultivation has increased to about 80,000 acres compared to the normal 57,000 acres.Chili Prices: The Teja variety of chili, in particular, fetched high prices of over Rs 25,000 per quintal in the previous season, making it an attractive choice for farmers.Paddy Cultivation Decrease: The area under paddy cultivation has also decreased this year, with 2,63,820 acres sown by September 20, compared to 2,82,387 acres the previous year.Overall Agricultural Area: The total cultivated area in the district has reduced this year, with 4,66,323 acres under cultivation by September 20, accounting for 86.33 percent of the normal cultivated area, which is typically 5,65,824 acres.

This evening, the rupee strengthened by 16 paise and closed at Rs 82.93 against the dollar.Stock market falls for the fourth consecutive day, Sensex falls by 221 pointsToday the stock market closed with a decline. Today Sensex fell by 221.09 points and closed at the level of 66009.15 points. Whereas Nifty closed at the level of 19674.30 points with a fall of 68.00 points.

This evening the rupee closed at Rs 83.09 against the dollar with a weakness of 2 paise.Heavy fall in Sensex again, closed down by 571 pointsToday the stock market closed with a decline. Today Sensex fell by about 570.60 points and closed at the level of 66230.24 points. Nifty fell by 159.10 points and closed at the level of 19742.30 points.

Pakistan: Strong stance on Cuban market.LAHORE: The local coin market remained stable and trading volume remained steady on Wednesday.Cotton valuable Naseem Usman said that the coin price in Sindh is Rs 17,500 to Rs 18,500 per maund. The rate of footy in Sindh is between Rs 7,800 to Rs 8,800 per Rs 40 lakh. The coin rate in Punjab is between Rs 19,000 to Rs 19,500 per maund and the footi rate in Punjab is between Rs 8,500 to Rs 9,000 per maund of Rs 40 lakh. The rate of Cuba in Balochistan ranges from Rs 18,500 to Rs 19,000 per maund while the rate of footi ranges between Rs 8,500 to Rs 9,500 per 40 maund.About 1800 intestines of Saleh Pat were released at the rate of Rs 18,600 per maund, 400 intestines of Ghotki were released at the rate of Rs 19,300 per maund, 2000 intestines of Hinad Pur were released at the rate of Rs 17,500 per maund and Rs 18,500 per maund. , Consortium of 1400 bowel studies. Rs 17,500 to Rs 18,200 per maund, Tando Adam was sold at Rs 1800 per maund, Rs 17,500 to Rs 18,500 per maund, Mirpur Khas was sold at Rs 800 per maund, Rs 18,200 per maund, Aronabad was sold at Rs 1200 per maund, Rs 19,300 per maund. Per maund, 2000 motorcycles of Sadiqabad, 600 motorcycles of Faqir Wali, 600 motorcycles of Chistan, 2000 motorcycles of Rahim Yar Khan, 800 motorcycles of Ahmedpur East at Rs 19,500 per maund, 800 motorcycles of Tonsa Sarfaraz at Rs 19,200 per maund. per maund, 600 maunds of Mian Wali at Rs 19,500 per maund, 1000 maunds of Lai at Rs 19,200 per maund, 200 maunds of Shujabad at Rs 19,600 per maund, 200 maunds of Gojra, 200 maunds per maund. 200 stories of Mongi Bungalow, 200 stories of Karo Lal, 200 stories of Bhakar at the rate of Rs 19,400 per maund, 400 intestines of per maund earned at the rate of Rs 19,200 per maund, 400 stories of Company Ghazi Khan at the rate of Rs 19,200 per maund. Graduated from.Hajj rate is at Rs 19,000 per head. The resort was available at Rs 383 per resort.