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Tamil Nadu government approves six mini textile parksThe Tamil Nadu government has so far approved setting up of six mini textile parks in the State and eight more are awaiting approval.Textile Commissioner, Tamil Nadu government, M. Vallalar, told The Hindu that there are at least 100 expression of interest received for the scheme. “We have given life to the scheme that was dormant since 2015. It will start gaining momentum now,” he said.The scheme offers 50 % or ₹2.5 crores subsidy to develop common facilities in a mini textile park. The park can come up on minimum two acres and with just three units. The stakeholders should identify land, form a special purpose vehicle, and submit a detailed project report. Across the State, about 20 DPRs have been received for the scheme. “There are eight project from in and around Madurai. In Coimbatore, the slowdown has affected the textile industry and hence the response is gradually picking up,” he said.Coimbatore District Collector Kranthi Kumar Pati held a meeting with industry representatives here on Wednesday, October 26, to explain details of the scheme. Officials, who were part of the meeting, said the scheme earlier mandated requirement of 10 acres and 10 industries. This has been reduced now. Textile spinning mills will require more space and hence, the scheme will benefit those in the post-spinning operations, such as weaving, garmenting or finishing. If the park is set up in backward blocks of the district, the units can avail of capital subsidy from the MSME Department. Some of the weaving units in Annur area have evinced interest, they added.

Stable trend on Pakistan cotton marketThe local cotton market on Thursday remained steady and the trading volume remained satisfactory.Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is Rs 15,000 to Rs 17,500 per maund. The rate of Phutti in Sindh is in between Rs 6,500 to Rs 8,200 per 40 kg. The rate of cotton in Punjab Rs 15,500 to Rs 18,000 per maund and the rate of Phutti in Punjab is in between Rs 7,500 to Rs 8,700 per 40 kg. The rate of cotton in Balochistan is Rs 15,500 to Rs 16,000 per maund while the rate of Phutti is in between Rs 7,500 to Rs 9,000 per 40 kg.The Spot Rate remained unchanged at Rs 17,000 per maund. Polyester Fiber was available at Rs 350 per kg.

This evening, the rupee closed at Rs 83.23 against the dollar with a weakness of 5 paise.Today the stock market closed with a decline. Today the Sensex fell by about 900.91 points and closed at the level of 63148.15 points. Whereas Nifty closed at the level of 18857.30 points with a fall of 264.90 points. Due to this decline, today the market cap of the stock market has reduced by about Rs 6 lakh crore.

The bullish trend continues in Pakistan cotton marketThe spot rate committee of Karachi Cotton Association (KCA) on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 17,000 per maund. The local cotton market remained bullish and the trading volume was satisfactory.Cotton analyst Naseem Usman told Business Recorder that cotton rates in Sindh range from Rs 15,000 to Rs 17,500 per maund. The rate of footi in Sindh is between Rs 6,500 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is Rs 15,500 to 18,000 per maund and the rate of cotton in Punjab is Rs 7,500 to 8,700 per 40 kg. The rate of cotton in Balochistan is between Rs 15,500 to Rs 16,000 per maund while the rate of cotton is between Rs 7,500 to Rs 9,000 per 40 kg.The spot rate committee of Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 17,000 per maund. Polyester fiber was available at Rs 350 per kg.Source: Business Recorder

Cotton, soya rates upset farmersNagpur: The Dussehra ‘muhurat’ deal for cotton — a symbolic gesture to mark the beginning of the buying season — has come as a dissappointment for farmers. The opening rate offered to growers is between Rs 6,800 and Rs 7,000 a quintal, which is slightly below minimum support price (MSP) of Rs 7020 fixed for long staple cotton.Cotton is the main crop for farmers in most parts of Vidarbha with soyabean being the second most popular one.Soyabean is fetching up to Rs 4800 a quintal — barely above the MSP of Rs 4600. The rate is still better than what farmers received last year. However, large tracts of farmlands are affected by the yellow mosaic virus this year, thus bringing down the yield.Dussehra marks the beginning of harvest/selling for farmers. While cotton bales start reaching the market around this time, soyabean comes a little early. No doubt, the current rates have proved a dampener for growers ahead of the Diwali season.On Wednesday, Shetkari Swabhiman Paksha leader from Buldhana, Ravikant Tupkar, announced his plan to tour all districts of Vidarbha and Marathwada to mobilise farmers for a massive protest. “The rally would end at Shegaon in Buldhana on November 20. If the demands are not met by then, a massive agitation will be held across the state,” he said.Tupkar wants the state to announce loan waiver for farmers. As per his own calculations, cotton must get at least Rs 12,000 a quintal and soyabean Rs 10,000 for the farmers to make profits.Vijay Jawandhia, a veteran farm activist from Wardha, said cotton has fetched around Rs 6,800 while soyabean is getting Rs 4800. However, the yield this year is abysmally low due to yellow mosaic virus attack. There are reports of per acre harvest coming down to barely two quintals. Cotton harvest is also expected to be below expectation, Jawandhia said.Traders says the actual picture will be clear as the buying season proceeds. A trader at the Hinganghat market yard of Wardha district said cotton arrival is very less at present. “There are reports of some non-irrigated fields giving poor yield of cotton. By the time rates improve, a large number of farmers may end up selling their produce,” said the trader.Piyush Bothra, a dealer in farm inputs in Maregaon in Yavatmal, said farmers are talking about pests other than pink bollworm which causes significant damage to the cotton crop.Manish Jadhav, a farmer from Yavatmal, said traders buying cotton directly from the field are offering as low as Rs 6500 a quintal. Some soyabean farmers may not get more than a quintal per acre.

Spinning mills battle muted demand, rising cotton pricesAhmedabad: Spinning mills in Gujarat find themselves in the eye of a storm, grappling with surging costs and a shrinking appetite for their products, be it on home turf or in foreign markets. Though cotton prices have eased slightly, they are still perched higher than their international counterparts.To put it in rupees and candy (356 kg) terms, cotton futures hover between Rs 53,000 and Rs 54,000.This price rift is not just denting the competitiveness of local yarn producers, it is also applying a vice-like grip on their financial stability.Saurin Parikh, the president of the Spinners’ Association of Gujarat (SAG), sheds light on the situation: “The relatively higher cost of cotton in India compared to other countries is increasing the overall expense of yarn production. As a result, Indian yarn manufacturers face reduced competitiveness in the international market. Furthermore, the ongoing economic downturn in Europe and the US has led to a significant drop in apparel demand due to restrained spending. So, the demand for yarn has failed to rebound. In times of low demand, manufacturers cannot afford to raise prices.”Even the domestic demand has recently suffered due to reduced discretionary spending, said industry players. Sanjay Jain, chairman of the national textiles committee of the Indian Chamber of Commerce (ICC), said, “The festive season has not brought the expected relief to spinning mills, as demand remains sluggish. Manufacturers are receiving fewer orders from finished fabric producers. The demand scenario is the worst over the past two decades, with the industry facing a sustained slowdown. Lifestyle alterations and a change in priorities when it comes to purchases are also reasons for the recent decline in discretionary spending.”The waning demand has also affected the liquidity of the yarn makers. Additionally, SAG’s estimates suggest that the cotton inventory in manufacturing units has been considerably reduced. Parikh revealed inventory days for cotton stock have been reduced from 60 days to just 12 days.source : The times of India

This evening, the rupee strengthened by 1 paise and closed at Rs 83.18 against the dollar.Today the stock market closed with a huge fall. Today Sensex fell by 522.82 points and closed at the level of 64049.06 points. Nifty fell by 159.60 points and closed at the level of 19122.20 points.

Farmers lock grain market of AboharBathinda: Angry over no purchase of raw cotton for the last three days, the farmers locked the grain market at Abohar town on Dussehra and even disrupted traffic on Fazilka road.The farmers accused the arhtiyas (commission agents) of deliberately not coming forward to make purchases.The farmers, irked by no purchases, locked all the gates leading to the grain market and blocked the road to Fazilka. As the commuters faced hardships, the district authorities reached the spot and prevailed upon the farmers to end the protest. The farmers were assured of purchases without any trouble.Fazilka DC Senu Duggal said the farmers had some issues with the commission agents, but these were resolved and purchases were being made. Total 3.44 lakh quintals of cotton had arrived so far, out of which 3.38 lakh quintals had been purchased.

Pakistan cotton Spot rate gains further Rs 300 per maundThe Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 16,600 per maund. The local cotton market remained bullish and the trading volume remained satisfactory.Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is Rs 15,000 to Rs 17,500 per maund. The rate of Phutti in Sindh is in between Rs 6,500 to Rs 8,200 per 40 kg. The rate of cotton in Punjab Rs 15,500 to Rs 18,000 per maund and the rate of Phutti in Punjab is in between Rs 7,500 to Rs 8,700 per 40 kg. The rate of cotton in Balochistan is Rs 15,500 to Rs 16,000 per maund while the rate of Phutti is in between Rs 7,500 to Rs 9,000 per 40 kg.The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 300 per maund and closed it at Rs 16,600 per maund. Polyester Fiber was available at Rs 350 per kg.source: Business Recorder, 2023

 This evening, the rupee closed at Rs 83.19 against the dollar with a weakness of 7 paise.Today the stock market closed with a decline. Today the Sensex fell by about 825.74 points and closed at the level of 64571.88 points. Whereas Nifty fell by 260.90 points and closed at the level of 19281.80 points.

This evening, the rupee strengthened by 12 paise and closed at Rs 83.12 against the dollar.Today the stock market closed with a decline. Today Sensex closed at 65397.62 points with a fall of 231.62 points. Whereas Nifty closed at the level of 19542.70 points with a fall of 82.00 points.