This evening, the rupee closed at Rs 83.40 against the dollar without any movement.At the end of trading, BSE Sensex closed at 74,014.55, up 363.20 points or 0.49%. Whereas NSE's 50-share index Nifty closed at 22,462.00 with a gain of 135.10 points or 0.61%.Read more....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.
IMD Issues Heavy Rainfall and Heatwave Alerts Across India.The Indian Meteorological Department (IMD) has issued alerts for heavy rainfall and heatwave conditions in various states until April 4.Heavy Rainfall Alerts:Increased rainfall activity with thunderstorms expected in Punjab, Haryana, and Chandigarh till April 4.Heatwave conditions forecasted for Madhya Pradesh, Vidarbha, and Karnataka from April 2 to 4.Rayalaseema to experience heatwave from April 1 to 4, Telangana on April 1 and 2.Warm night conditions expected in Odisha, Maharashtra, Marathwada, and Telangana during specific periods.Hot and humid weather predicted for Coastal Andhra Pradesh, Yanam, Kerala, Mahe, Tamil Nadu, Puducherry, Karaikal from March 31 to April 4.Temperature Forecast:A rise in maximum temperatures expected in Northwest India and Maharashtra, while fluctuations anticipated in East India and Tamil Nadu.IMD's alerts highlight the need for residents to stay informed and take necessary precautions amidst changing weather patterns.Read More....👇🏻👇🏻👇🏻👇🏻Textile Industry Set for Rebound : CRISIL SME Tracker Analysis
Strong start in stock market; Sensex rose 400 points, Nifty reached near 22500Indian stock markets opened with gains for the third consecutive session. Indian equity indices opened in the green on Monday after a rise in Asian markets and slight relief in US inflation data.Rupee opens stable against dollarRupee opens at 83.40 against dollar after 3 consecutive days of holidaysRead More👇🏻👇🏻👇🏻👇🏻TN Textiles Department and SITRA Launch Training Program for Textile Workers
Rupee fell 8 paise to close at 83.40 against US dollarThe rupee on Thursday fell 8 paise to close at 83.40 against the US dollar due to strengthening of the dollar against key rivals and rising crude oil prices in the international markets.At the end of trading, BSE Sensex closed at 73,651.35, up 655.04 points or 0.90%. Whereas NSE's 50-share index Nifty closed at 22,326.90 with a gain of 203.25 points or 0.92%.Read more....👇🏻👇🏻👇🏻👇🏻TN Textiles Department and SITRA Launch Training Program for Textile Workers
TN Textiles Department and SITRA Launch Training Program for Textile WorkersThe South India Textiles Research Association (SITRA) and the Tamil Nadu (TN) Textiles Department have collaborated to launch a training program for workers in textile units. The initiative commenced on Wednesday, as announced by a press release from the Deputy Director (Textiles) in Coimbatore.The Tamil Nadu government proposed to provide skill-based training to workers employed in various sectors of the textile industry, including textile manufacturing, spinning, weaving, knitting, and garment production. The primary objective of this training initiative is to equip workers with knowledge about technology advancements and the latest developments in the textile sector.Beneficiaries of this training program, including unemployed individuals, are assured of guaranteed job placements. Additionally, existing workers can expect enhanced pay, with salaries potentially increasing up to ₹8000 per month from their current earnings.In a five-year plan, the state government aims to provide skill-based training to a total of 8,950 workers across the textile industry.The training initiative is a joint effort involving the TN Skill Development Corporation, SITRA, and the Textiles Department. Experts will serve as resource persons to provide comprehensive training.The first step of this initiative involved signing Memorandums of Understanding (MoUs) with textile units, with LS Mills in Theni approved as one of the training centers. The training program kicked off on Wednesday with 20 individuals participating. It is scheduled to conclude on May 20.The inaugural session witnessed the presence of key figures including the General Manager of Theni LS Mills, Anandan, the Deputy General Manager (DGM) R P Nivas, Regional Deputy Director (Textiles) Raghavan, and SITRA scientific officer Vaithianathan, as highlighted in the press release.Read More....👇🏻👇🏻👇🏻👇🏻Textile Industry Set for Rebound : CRISIL SME Tracker Analysis
Textile Industry Set for Rebound : CRISIL SME Tracker AnalysisThe CRISIL SME Tracker reports that the textile industry is poised for a rebound in revenue after experiencing two years of contraction. The previous financial years were challenging due to volatile cotton prices and subdued export demand. However, the industry is expected to close this financial year with lower revenue due to a correction in cotton prices and subdued exports of readymade garments.Export markets, which typically contribute a significant portion to the textile industry, have been affected by slowdowns in key markets. Nevertheless, domestic demand has remained steady, which is a positive sign for the industry, particularly for small and medium enterprises (SMEs) constituting about 75% of the textile value chain.In the upcoming financial year, growth is expected to revive driven by sustained domestic demand, stable cotton prices, and an anticipated recovery in exports. Stable cotton prices are forecasted due to lower consumption compared to production, which maintains the cost competitiveness of the cotton textile value chain. Volume growth for cotton spinners is expected to normalize after a significant surge this year.For readymade garment (RMG) players, volumes are projected to increase gradually in line with improvements in major export destinations such as the US, EU, and UK. However, key export-oriented RMG clusters like Tirupur, Bengaluru, and Mumbai may experience slower revenue growth compared to clusters with higher reliance on the domestic market like Kolkata, Kanchipuram, and Ludhiana.Despite the current contraction, profitability is anticipated to improve in the coming period due to stable cotton prices and reduced inventory losses. Medium-term prospects are bolstered by free trade agreements with the UK and the establishment of textile parks under the PM MITRA scheme, aiming to enhance India's competitiveness in the RMG sector. Additionally, the Production Linked Incentive scheme is expected to provide a further boost to domestic manufacturing.Read More....👇🏻👇🏻👇🏻👇🏻CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 Season
Today the rupee opened with a strength of 6 paise against the dollar.The rupee opened strongly against the dollar today. Today the rupee opened 6 paise stronger at Rs 83.31 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 83.37 against the dollar with a weakness of 9 paise. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a rise.Today, BSE Sensex opened at 73216.97 points with a gain of about 220.66 points. Whereas NSE's Nifty opened at 22192.00 points with a gain of 68.35 points. Today, trading started in a total of 2,239 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Challenges Mount for Indian Textile Exports
This evening, the rupee closed at Rs 83.37 against the dollar with a weakness of 9 paise.Today Sensex closed at 72996.31 points with a gain of about 526.01 points. Whereas Nifty closed at the level of 22123.65 points with a gain of 118.95 points.Read more....👇🏻👇🏻👇🏻👇🏻Challenges Mount for Indian Textile Exports
Challenges Mount for Indian Textile ExportsThe textile industry, a significant contributor to India's export economy, has witnessed a decline in exports over the past year, according to government sources. This decline is attributed to a combination of factors including subdued global demand and geopolitical tensions, particularly the Red Sea conflict.Between April 2023 and February 2024, textile exports experienced an annual fall. Readymade garment exports fell from $14.73 billion to $13.05 billion, yarn shipments decreased from $4.47 billion to $4.23 billion, and jute exports declined from $400 million to $310 million during this period. However, there has been a positive sign in February 2024 with over 12% growth in textile exports compared to the previous year.The Red Sea conflict has played a significant role in exacerbating the situation, leading to increased shipping costs and longer turnaround times. This has been attributed to reduced services by private shipping lines. In response, an inter-ministerial panel has been convened to address the impact of the conflict. The Department of Financial Services has been directed to ensure a steady flow of credit for exporters, while the Ministry of Shipping has been tasked with monitoring trade volumes.Overall, the government is working to mitigate the challenges faced by the textile export sector, recognizing the importance of maintaining competitiveness in the global market amidst evolving geopolitical dynamics and economic uncertainties.Read More....👇🏻👇🏻👇🏻👇🏻January 2024: Import of Indian cotton yarn in China increases
Today the rupee opened with a weakness of 3 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 83.31 against the dollar. At the same time, on Tuesday, the rupee strengthened by 14 paise and closed at Rs 83.28 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a rise.Today, BSE Sensex opened with a rise of 221.86 points at the level of 72692.16 points. Whereas NSE's Nifty opened with a gain of 49.25 points at the level of 22053.95 points. A total of 1,976 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 Season
CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 SeasonThe Cotton Corporation of India (CCI) has announced that it has procured 32.81 lakh bales of cotton at minimum support price (MSP) during the ongoing 2023-24 season. The majority of the cotton has been acquired from Telangana, Andhra Pradesh, Maharashtra, and Gujarat.As the government's designated agency for cotton procurement at MSP, CCI intervenes when market prices fall below the MSP level. Last year, CCI did not engage in procurement as market prices remained above MSP. However, this season, prices began to decline from mid-October 2023, prompting CCI to initiate procurement operations.According to a senior CCI official, around 32.81 lakh bales, each weighing 170 kg, have been purchased at MSP so far. Notably, CCI has already sold 3.70 lakh bales of the procured cotton.For the 2023-24 season, the government has set MSP at Rs 6,620 per quintal for medium staple cotton and Rs 7,020 per quintal for long-staple cotton.With cotton prices in the open market currently surpassing MSP, it is unlikely that farmers will sell their produce to CCI. However, the agency remains prepared for procurement if market rates drop below the support price again.The estimated cotton production for the 2023-24 season stands at 323.11 lakh bales, a decrease from the 336.6 lakh bales achieved in the previous season, according to estimates from the agriculture ministry.Read more....👇🏻👇🏻👇🏻👇🏻Growth in China's Cotton Linter Imports
This evening, the rupee strengthened by 15 paise and closed at Rs 83.28 against the dollar.Today Sensex closed at 72470.30 points with a fall of 361.64 points. Whereas Nifty fell by 92.05 points and closed at the level of 22004.70 points.Read more....👇🏻👇🏻👇🏻👇🏻January 2024: Import of Indian cotton yarn in China increases
January 2024: Import of Indian cotton yarn in China increasesTotal Exports Indian cotton yarn exports reached 82,200 tons in January 2024, marking a 29.26% increase compared to the same period last year. However, there was an 8.46% decrease compared to the previous month.Chinese Market China maintained its position as the second-largest export market for Indian cotton yarn. In January, India exported 15,293.08 tons of cotton yarn to China, which is a 15.09% increase from the previous year and a significant 52.69% increase from the previous month.Market Share China accounted for approximately 19% of Indian cotton yarn exports in January 2024, representing an 8% increase from December 2023.Other Markets Bangladesh remained the largest market for Indian cotton yarn, with a share of about 40%, although it decreased by 6% compared to December 2023. Vietnam and Peru tied as the third-largest export markets for India in January, each holding a 5% market share.Export Trends apart from Bangladesh, Peru, Vietnam, and Colombia, the market share of exports to other countries either increased or remained stable compared to December 2023. Brazil saw the largest year-on-year increase in exports to India, up by 189%.Varieties Exported the main varieties of Indian cotton yarn exported to China in January were carded single yarn 8-25s, which accounted for 43.85% of the total export volume, followed by combed single yarn 8-25s and combed single yarn 25-30s.Conclusion Overall, Indian cotton yarn exports saw a year-on-year increase in January 2024, with major markets including Bangladesh, China, Peru, and Vietnam. Exports to China particularly showed significant growth both year-on-year and month-on-month. Carded single yarn 8-25s remained the largest among the four main Indian cotton yarns exported to China.This data suggests a strong demand for Indian cotton yarn in China, with specific preferences for certain varieties, indicating potential areas for further growth and market targeting.Read More....👇🏻👇🏻👇🏻👇🏻Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices
Today the rupee opened with a strength of 8 paise against the dollar.The rupee opened strongly against the dollar today. Today, the rupee opened 8 paise stronger at Rs 83.34 against the dollar. On Friday, the rupee strengthened by 28 paise and closed at Rs 83.42 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 154.62 points at the level of 72677.32 points. Whereas NSE's Nifty opened with a fall of 37.20 points at the level of 22059.55 points. A total of 2,834 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻Growth in China's Cotton Linter Imports
Growth in China's Cotton Linter ImportsChina's cotton linter import market has shown remarkable growth in the first two months of 2024, with import volumes surging more than threefold year-on-year. Imports from India have dominated the market, while imports from the United States have experienced a significant resurgence.Customs data reveals that China imported approximately 7,042.49 tons of cotton linter in February 2024, marking a 22% increase from the previous month and a staggering 344.7% increase compared to the same period last year. The total import volume for January and February combined reached 12,814.1 tons, representing a remarkable 305.1% year-on-year growth.This substantial increase in import volume can be attributed to various factors, including limited domestic supply due to operational constraints in Chinese cottonseed oil mills and delinting plants since the fourth quarter of 2023. Consequently, the demand for imported cotton linter has risen, driving up prices.In February 2024, the average import price of cotton linter stood at $374.55/mt, indicating a 4.05% increase from the previous month and a notable 23.27% increase year-on-year. This rise in prices has been accompanied by an increase in demand for industry-grade refined cotton, particularly cotton linter pulp.India remains the top supplier of cotton linter to China, followed by Brazil, Tanzania, and the United States, which collectively account for nearly 96% of total imports. The surge in imports from India can be attributed to price advantages and the growing demand for refined cotton, with imports from India experiencing a 476.1% year-on-year increase from January to February, totaling 8,671.5 tons.In contrast, imports from the United States witnessed a sharp decline in 2023 due to various factors, including strained Sino-US relations and evolving demand dynamics. However, imports from the United States have rebounded significantly in 2024, with a total of 771.1 tons imported from January to February, representing an 8,476.8% year-on-year growth.Shandong has traditionally been a key region for cotton linter imports in China, with Jiangsu emerging as a significant importer, accounting for 38.6% of imports in January and February 2024.In summary, China's cotton linter import market has witnessed impressive growth in the first two months of 2024, driven by increased demand and limited domestic supply. Imports from India have surged, maintaining their dominance in the market, while imports from the United States have experienced a notable resurgence after a decline in the previous year.Read more....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh
This evening, the rupee closed at Rs 83.43 against the dollar with a weakness of 28 paise.Today Sensex closed at 72831.94 points with a gain of about 190.75 points. Whereas Nifty closed at the level of 22096.75 points with a gain of 84.80 points.Read more....👇🏻👇🏻👇🏻👇🏻Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices
Today the rupee opened with a weakness of 12 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 12 paise at Rs 83.27 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 83.15 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 176.37 points at the level of 72464.82 points. Whereas NSE's Nifty opened with a fall of 40.05 points at the level of 21971.90 points. Today, trading started in a total of 1,916 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices
Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity PricesLouis Dreyfus Company (LDC), a leading global agricultural commodity group, reported a significant 15.5% decline in sales for 2023. This decrease was attributed to a sharp drop in commodity prices amidst geopolitical tensions and climate-related disruptions to trade flows. LDC's 2023 sales fell to $50.6 billion from $59.9 billion in the previous year.Despite the decline in sales, LDC's 2023 EBITDA stood at $2.222 billion compared to $2.347 billion in the previous year, while its net income remained stable at $1.013 billion.The company emphasized its commitment to ambitious growth plans, with capital expenditure increasing by almost 16% year-on-year in 2023.LDC had previously reported a decrease in first-half earnings as agricultural markets stabilized following acute volatility in 2022 amid Russia's invasion of Ukraine.Rival company Bunge also anticipates lower earnings this year due to ample crop supplies limiting margins.Current world food commodity prices are at three-year lows, supported by increased supplies of staples such as cereals, aided by ongoing exports from Russia and Ukraine despite their conflict.Louis Dreyfus Company's financial performance reflects the challenges posed by fluctuating commodity prices and geopolitical uncertainties, despite its ongoing investment in growth initiatives.Read more....👇🏻👇🏻👇🏻👇🏻Textiles Exports Surge by 17% Year-on-Year in February
The rupee strengthened by 1 paise to close at Rs 83.15 against the dollar this evening.Today, the Sensex closed at 72641.19 points with a gain of around 539.50 points. At the same time Nifty closed at the level of 22011.95 points with an increase of 172.85 points.Read more....👇🏻👇🏻👇🏻👇🏻Exporters Seek Exemption from 45-Day Payment Rule to MSMEs
Exporters Seek Exemption from 45-Day Payment Rule to MSMEsIndian exporters, represented by 15 export promotion councils, including the Federation of Indian Export Organisations, are urging for an exemption from a new rule mandating payment to micro and small enterprises (MSMEs) within 45 days.Around 150,000 exporters have raised concerns, stating that the provision will impact their liquidity, considering exports payments often have an average lag of 120 days.The rule, Section 43B(h) of the Income Tax Act, aims to address delayed payments to UDYAM-registered micro and small entities, but exporters are seeking an extension to 120 days.Exporters argue that the move could affect their competitiveness internationally, and they stress the need for a level playing field compared to other countries where credit terms are more generous.Industry representatives highlight challenges, including increased cash flow difficulties amidst geopolitical uncertainties, and propose exempting supplies from MSMEs to exporters from this provision.While acknowledging the importance of timely payments, exporters advocate for a phased reduction in time to address concerns from both sides.The handicrafts industry, facing credit periods of 180 days, finds the 45-day payment rule particularly challenging, given the extended timeframes involved in export shipments and payment realization.Overall, exporters seek exemptions to help them adjust to the new provision and maintain competitiveness in the global market.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry
| title | Created At | Action |
|---|---|---|
| This evening, the rupee closed at Rs 83.40 against the dollar without any movement. | 01-04-2024 16:37:39 | view |
| IMD Issues Heavy Rainfall and Heatwave Alerts Across India. | 01-04-2024 11:44:10 | view |
| Strong start in stock market; Sensex rose 400 points, Nifty reached near 22500 | 01-04-2024 11:23:11 | view |
| Rupee fell 8 paise to close at 83.40 against US dollar | 28-03-2024 16:42:49 | view |
| TN Textiles Department and SITRA Launch Training Program for Textile Workers | 28-03-2024 12:20:24 | view |
| Textile Industry Set for Rebound : CRISIL SME Tracker Analysis | 28-03-2024 11:59:07 | view |
| Today the rupee opened with a strength of 6 paise against the dollar. | 28-03-2024 09:53:38 | view |
| This evening, the rupee closed at Rs 83.37 against the dollar with a weakness of 9 paise. | 27-03-2024 16:31:44 | view |
| Challenges Mount for Indian Textile Exports | 27-03-2024 14:43:31 | view |
| Today the rupee opened with a weakness of 3 paise against the dollar. | 27-03-2024 09:49:57 | view |
| CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 Season | 26-03-2024 18:14:53 | view |
| This evening, the rupee strengthened by 15 paise and closed at Rs 83.28 against the dollar. | 26-03-2024 16:41:59 | view |
| January 2024: Import of Indian cotton yarn in China increases | 26-03-2024 12:44:47 | view |
| Today the rupee opened with a strength of 8 paise against the dollar. | 26-03-2024 09:57:39 | view |
| Growth in China's Cotton Linter Imports | 22-03-2024 17:20:54 | view |
| This evening, the rupee closed at Rs 83.43 against the dollar with a weakness of 28 paise. | 22-03-2024 16:20:29 | view |
| Today the rupee opened with a weakness of 12 paise against the dollar- | 22-03-2024 10:15:22 | view |
| Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices | 21-03-2024 16:54:17 | view |
| The rupee strengthened by 1 paise to close at Rs 83.15 against the dollar this evening. | 21-03-2024 16:27:36 | view |
| Exporters Seek Exemption from 45-Day Payment Rule to MSMEs | 21-03-2024 13:17:18 | view |
