This evening, the rupee closed at Rs 82.77 against the dollar with a weakness of 1 paise.Today the Sensex closed at 73667.96 points with a gain of 165.32 points. Whereas Nifty closed at the level of 22335.70 points with a gain of 3.05 points.Read more....👇🏻👇🏻👇🏻👇🏻New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
New Payment Rule Sparks 40% Drop in Orders for Indore Garment UnitsGarment manufacturers in Indore are grappling with a 40% decline in orders following the implementation of a new rule mandating payments to suppliers within 45 days. The garment industry, accustomed to longer payment cycles, now faces production cutbacks just ahead of the peak demand season, particularly around Eid.Ashish Nigam, President of the Readymade Textile Dealers Association, expressed concerns about the difficulty in clearing dues within the shortened 45-day timeframe. The new payment terms are compelling retailers to reduce order volumes. Indore's readymade garments, with over 1,500 small and medium-sized producers, are distributed nationwide, with Tamil Nadu, Kerala, and Andhra Pradesh accounting for over 60% of the market share.The impact of the new rule is evident in declining orders from Madhya Pradesh, Gujarat, Maharashtra, and Southern India, causing uncertainty among garment units during the crucial peak demand season, typically a thriving period for the sector in Indore.Read More....👇🏻👇🏻👇🏻👇🏻Centre Sets Bt Cotton Seed MRP at ₹864/packet for 2024-25, Experiences Lowest Increase Since 2019
Today the rupee opened with a strength of 4 paise against the dollar.The rupee opened strongly against the dollar today. Today, the rupee opened 4 paise stronger at Rs 82.72 against the dollar. At the same time, on Monday, the rupee strengthened by 3 paise and closed at Rs 82.76 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 26.79 points at the level of 73529.43 points. Whereas NSE's Nifty opened with a gain of 7.35 points at the level of 22340.00 points. Today, trading started in a total of 2,041 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry
This evening, the rupee strengthened by 3 paise and closed at Rs 82.76 against the dollar.Today Sensex closed at 73502.64 points with a fall of 616.75 points. Whereas Nifty closed at the level of 22332.65 points with a fall of 160.90 points.Read more....👇🏻👇🏻👇🏻👇🏻High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry
High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric IndustryThe surge in cotton prices has compelled grey fabric manufacturers in Tamil Nadu to curtail production by up to 50% starting Friday. In the initial week of February 2024, cotton prices ranged from Rs 58,000 to Rs 59,000 per candy, witnessing a notable escalation to Rs 62,000 by March 8.K Sakthivel, coordinator of the Tamil Nadu Textile Manufacturers Association, expressed concern about escalating losses over the past two years in the textile and power loom sectors, which are vital employment providers in Palladam. Disappointed by the lack of anticipated orders during the Deepavali season, fabric producers noted a substantial rise in yarn costs from Rs 15 to Rs 25 per kg due to the recent surge in cotton prices. The textile industry is grappling with challenges from increased power tariffs, exacerbating the impact of the elevated cotton and yarn prices. Over 300 large textile manufacturers have opted to reduce production by 50% in an effort to enhance survival prospects.A C Eswaran, president of the South India Hosiery Manufacturers Association (SIHMA), outlined the market dynamics, stating that in normal circumstances, cotton bale prices range from Rs 55,000 to Rs 57,000 per candy. However, during the current season, the cotton market received 215 lakh bales, with 90 lakh bales being acquired by the Cotton Corporation of India (CCI) and cotton traders. Eswaran anticipates government intervention to stabilize prices, considering the current demand for the ready-made garment industry is 300 lakh bales.The textile department has acknowledged representations from trade bodies and some have already approached the Union Ministry to address the issue. While market conditions remain volatile due to a limited arrival of cotton in the market, officials believe that stabilization may occur in the future.Read More....👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"
Centre Sets Bt Cotton Seed MRP at ₹864/packet for 2024-25, Experiences Lowest Increase Since 2019The Union Agriculture Ministry has set the maximum retail price (MRP) for Bt Cotton Seed for the 2024-25 kharif season at ₹864/packet for Bollgard II and ₹635 for Bollgard II. This marks the lowest increase in MRP since the 2019 season. The MRP for the past years and the percentage increase are as follows:2018-19: ₹7102019-20: ₹710 (0% increase)2020-21: ₹730 (3% increase)2021-22: ₹767 (5% increase)2022-23: ₹810 (6% increase)2023-24: ₹853 (5% increase)2024-25: ₹864 (1% increase)The notification, issued by Joint Secretary Ajeet Kumar Sahu, cites the powers conferred by the Essential Commodities Act, 1955, and the Cotton Seed Price (Control) Order, 2015. The decision takes into account recommendations made by the committee.The relatively low hike in the MRP for 2024-25 has been attributed by some industry experts to the drought in key cotton-growing regions, particularly Maharashtra, during the previous year. The use of BG II seeds is prevalent among Indian farmers for cotton cultivation.In 2023, there was a significant drop of 30-40% in cotton seed production due to drought, resulting in a shortage. The actual sales of cotton seed packets in kharif 2023 were 4.4 crore (450 grams each) against an availability of about 4.8 crore packets. This shortage was attributed to long dry spells during the monsoon season, affecting germination and overall crop quality.The industry had expected an increase in demand from 4.2 crore packets in kharif 2022 to 4.8 crore packets in kharif 2023, but the shortfall in production impacted these projections. The new MRP for the upcoming season reflects the challenges faced by the cotton industry in the previous yearRead More...👇🏻👇🏻👇🏻👇🏻Indian Government Commits to Procure Jute and Cotton Below MSP,
Today the rupee opened with a strength of 7 paise against the dollar.The rupee opened strongly against the dollar today. Today the rupee opened 7 paise stronger at Rs 82.72 against the dollar. At the same time, on Friday, the rupee strengthened by 4 paise and closed at Rs 82.78 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 46.58 points at the level of 74072.81 points. Whereas NSE's Nifty opened with a fall of 4.50 points at the level of 22489.00 points. Today, trading started in a total of 2,582 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Cotton Prices Surge Across Gujarat
The rupee strengthened by 4 paise to close at Rs 82.78 against the dollar this evening.Today, the Sensex closed at 74119.39 points with an increase of about 33.40 points. At the same time Nifty closed at the level of 22493.50 points with an increase of 19.50 points.Read more....👇🏻👇🏻👇🏻👇🏻Cotton Prices Surge Across Gujarat
Cotton Prices Surge Across GujaratCotton prices in various yards of North Gujarat and Saurashtra are experiencing fluctuations, with a recent increase observed in different locations. Despite a slight decline in prices last week, the current week has witnessed a resurgence in cotton prices. On March 6, cotton prices in Gujarat yard reached approximately Rs 1600.In the Savarkundla marketing yard, cotton prices ranged from Rs 1300 to Rs 1595, with a recorded income of 1150 maunds of cotton. Amerli marketing yard also reported robust cotton income, with prices ranging from Rs 1030 to Rs 1623 per maund.The largest cotton yard in Saurashtra, Botad, recorded prices ranging from Rs 1216 to Rs 1664 per maund. Additionally, Mahuva yard saw the earnings of 31 bales of cotton, with prices reported between Rs 801 and Rs 1401 per maund.In Jamnagar, cotton prices surged from Rs 1100 to Rs 1620, with a total income of 9790 maunds. Rajkot yard witnessed the earning of 2400 quintals of cotton, with farmers receiving Rs 1450 to Rs 1605 per maund.Read more....👇👇👇👇Indian Government Commits to Procure Jute and Cotton Below MSP,
Indian Government Commits to Procure Jute and Cotton Below MSP,The Union Minister Piyush Goyal has announced that the Indian government is willing to procure the harvest of jute and cotton from farmers if the market prices fall below the Minimum Support Price (MSP). This move is part of the government's efforts to support farmers and ensure they receive fair compensation for their crops.Goyal emphasized the government's commitment to increasing the production of jute and cotton. To achieve this, the Centre is willing to provide quality seeds and fertilizers to farmers to ensure the production of high-quality crops. The ultimate goal is to promote farm-to-foreign exports and enhance the global presence of Indian agricultural products.During his interaction with beneficiaries of the Textile Sector, Goyal urged them to promote the "vocal for local" initiative, emphasizing the importance of showcasing Indian products on the world stage. He highlighted the potential of ramping up textile production in the country to boost income, create employment opportunities, and contribute to the vision of making India 'Atmanirbhar' (self-reliant).Goyal also encouraged artisans to register their businesses on the Government e-Marketplace (GeM) to enhance visibility and promote their businesses. The minister announced that there would be no registration fee for artisans and weavers connected with handicraft and handloom.To further support the handicraft and handloom businesses, especially small enterprises, Goyal expressed the government's intention to facilitate GeM-registered businesses to onboard major e-commerce websites in the country. Additionally, efforts will be made to register these businesses on foreign websites, with a focus on promoting handicraft and handloom products.In line with the 'Made in India' initiative, Goyal urged officials to devise ways for handicraft beneficiaries to benefit from the 'Handmade in India' label, and he emphasized the government's commitment to penalize businesses selling machine-made products under this label.The minister stressed the importance of technological innovation in the textile sector to improve the lives of artisans and weavers while increasing their income. He called for efforts to enhance the quality and packaging of textile products to elevate the brand value and income of artisans and weavers on the global stage.In conclusion, Goyal highlighted that the convergence of schemes like PM-Suryoday Yojana, Samarth schemes, and other textile schemes would help artisans benefit their businesses and transform their income.Read more....👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"
Today the rupee opened with a strength of 1 paise against the dollar.The rupee opened strongly against the dollar today. Today, the rupee opened with a strengthening of 1 paise at Rs 82.91 against the dollar. At the same time, on Wednesday, the rupee strengthened by 7 paise and closed at Rs 82.82 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 of around 107.83 points.Today, BSE Sensex opened at the level of 74193.82 points with a gain of about 107.83 points. Whereas NSE's Nifty opened with a gain of 33.20 points at the level of 22507.20 points. A total of 1,897 companies started trading on BSE today. Sensex and Nifty today's level is all time high.Read More...👇🏻👇🏻👇🏻👇🏻Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid Discrepancies
This evening, the rupee strengthened by 7 paise and closed at Rs 82.82 against the dollar.Today the Sensex closed at 74085.99 points with a gain of 408.86 points. Whereas Nifty closed at the level of 22474.00 points with a gain of 117.70 points.Read more....👇🏻👇🏻👇🏻👇🏻Vidarbha Cotton Growers Benefit from Global Cotton Shortage: Cold Weather in China and Low US Yield Drive Prices Up
Rupee falls by 1 paise against dollarThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 1 paise at Rs 82.90 against the dollar. At the same time, on Tuesday, the rupee closed at Rs 82.89 against the dollar with a weakness of 1 paise.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 193.07 points at the level of 73484.06 points. Whereas NSE's Nifty opened with a fall of 55.50 points at the level of 22300.80 points. A total of 1,983 companies started trading on BSE today.Read More...👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines
This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.Today Sensex closed at 73677.13 points with a fall of 195.16 points. Whereas Nifty closed at the level of 22356.30 points with a fall of 49.30 points.Read more....👇🏻👇🏻👇🏻👇🏻Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"
Today the rupee opened with a weakness of 1 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 1 paise at Rs 82.90 against the dollar. At the same time, on Monday, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 90.56 points at the level of 73781.73 points. Whereas NSE's Nifty opened with a fall of 26.10 points at the level of 22379.50 points. A total of 2,016 companies started trading on BSE today.Read more...👇🏻👇🏻👇🏻👇🏻India Braces for Above-Normal Heat Waves and El Nino Impact: IMD Forecasts for March-May"
Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines"Farmers from Babhulgaon in Yavatmal, Maharashtra, are grappling with the challenge of selling their cotton produce, citing a significant drop in prices over the past year. The looming deadline for loan repayment has left them in a quandary, forcing a difficult decision on whether to sell their crops at a loss or continue holding onto them.Price Decline Impact The farmers attribute the inability to sell their cotton to a sharp decline in prices, which they connect to irregular rainfall affecting cotton production this year.Financial Dilemma With the deadline for loan repayment approaching, farmers face a financial dilemma, contemplating whether to sell their produce at a loss or endure the risk of holding onto it in hopes of better prices.Farmer's Perspective Prakash Madhukar Gawande, a cotton farmer from Naygaon village in Babhulgaon, outlined his investment of over Rs 30,000 per acre in cotton farming. Despite harvesting around 70 quintals of cotton, selling it at the current rate would result in a loss, posing financial challenges.Market Dynamics The price disparity is further highlighted, with long yarn cotton fetching Rs 7,000 per quintal and shorter yarn selling for Rs 6,000. Farmers express discontent, emphasizing the need for prices to be at least Rs 10,000 to cover their expenses.Government Inadequacy Farmers argue that government schemes are insufficient to mitigate their losses, and they are left in a precarious position as they safeguard their stored yield from rain and wind, hoping for better prices.Cotton Scenario in Yavatmal Yavatmal, known as the cotton district of Maharashtra, witnesses extensive cotton cultivation. Last year, cotton was cultivated on approximately 4.71 lakh acres in the district. The region also faces the unfortunate distinction of having the highest number of farmer suicides in the state.Call for Government Intervention Amol Kapse, the director of the Agricultural Produce Market Committee (APMC) in Babhulgaon, stresses the absence of a Cotton Corporation of India (CCI) center in the taluk, leading farmers to sell to private players at lower rates. Government intervention is deemed crucial to prevent further farmer suicides.Read more....👇🏻👇🏻👇🏻👇🏻Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid Discrepancies
This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.Today the Sensex closed at 73,872.29 points with a gain of 66.14 points or 0.09%. Whereas NSE's 50-share index Nifty closed at 22,400.25 with a gain of 21.85 points or 0.098%.Read more...👇🏻👇🏻👇🏻👇🏻Textile Demand Holds the Key to Cotton Price course, Says International Cotton Advisory Committee"
Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid DiscrepanciesThe growing trend of cotton cultivation in Bangladesh as farmers aim to meet local demand and reduce reliance on imports. However, their satisfaction is dampened by the disappointing prices in the domestic market. Despite increased cultivation costs, such as seeds, fertilizers, diesel, pesticides, and labor, farmers are receiving prices below their expectations.Currently, local production covers less than 2 percent of the annual cotton requirement, leading to significant imports costing over $3 billion annually. This year, cotton cultivation has expanded by nearly 2 percent, covering 46,000 hectares, with the government targeting a production of 2.28 lakh bales, up from 2.10 lakh bales the previous season.The Cotton Development Board (CDB) has observed a growing interest in cotton cultivation, particularly with a shift towards hybrid varieties. Efforts are being made to disseminate improved farming methods and promote companion cropping with various vegetables. Fakhre Alam Ibne Tabib, the executive director of CDB, acknowledged the farmers' concerns about market prices and assured discussions to address their demands. The CDB has also initiated measures to support cotton cultivation, including land identification and financial incentives, with an allocation of Taka 10 crore designated to support 12,375 trained farmers this year.Looking ahead, the CDB envisions substantial growth in cotton production, aiming for 15.80 lakh bales from two lakh hectares of land by 2040. This reflects the recognition of cotton's pivotal role in sustaining the textile industry, a vital sector for Bangladesh's economy.Read More....👇🏻👇🏻👇🏻👇🏻Telangana: CCI procures 12.31 lakh tonnes of cotton
"India Braces for Above-Normal Heat Waves and El Nino Impact: IMD Forecasts for March-May"The India Meteorological Department (IMD) has issued forecasts for the upcoming months, anticipating higher-than-usual heat wave days across most parts of India from March to May. The El Nino climate pattern is expected to worsen heat wave conditions during this period. However, northeast India, the western Himalayan region, and the southwest peninsula may see fewer heat wave days.In March, the IMD predicts an elevated number of heat wave days in peninsular India, many parts of Maharashtra, and some areas of Odisha and adjoining regions. Additionally, above-normal minimum temperatures are expected nationwide during March to May. The onset of hot weather is projected to begin in southern states in March, signaling the commencement of summer in India.Contrastingly, normal to below-normal maximum temperatures are anticipated over large parts of east and east-central India, along with portions of the northwestern regions in March. Furthermore, the IMD expects rainfall to be above normal at 117% of the long period average over India in March.Last month, India experienced 13% below normal rainfall, with the southern peninsula receiving rainfall at 91% below normal. The IMD notes that this was the fourth lowest recorded rainfall in February since 2001 in southern parts of the country.Looking ahead, El Nino conditions are expected to gradually weaken in the coming months, reaching neutral conditions over India by the beginning of the monsoon season (Jun-Sep). Neutral conditions bode well for the country, as El Nino is associated with deficient precipitation in India.While India received normal rainfall last year, two homogenous regions out of four reported below-normal precipitation, affecting the sowing of key kharif crops such as rice and pulses in 2023-24. The IMD suggests that La Nina conditions may prevail in the latter half of the upcoming monsoon season, potentially leading to improved rainfall compared to the previous year. La Nina represents the cool phase of the El Nino Southern Oscillation cycle and is associated with favorable conditions for rainfall in India.Read More...👇🏻👇🏻👇🏻👇🏻Indian textile industry welcomes removal of import duty on ELS cotton
Textile Demand Holds the Key to Cotton Price course, Says International Cotton Advisory Committee"The recent surge in global cotton prices, attributed primarily to speculative buying on the futures market, has left the cotton industry anxiously awaiting the trajectory of textile demand. Despite subdued demand from textile mills, domestic cotton prices have seen a significant increase in the last two weeks.Nishanth Asher, Secretary of the Indian Cotton Federation, revealed that over 60% of the cotton produced this season has entered the market. However, with rising prices, daily arrivals have dropped from 1.8 lakh bales to nearly one lakh bales. Asher pointed out that spinners are now risk-averse due to the low global demand for textiles.The uncertainty surrounding future prices is evident, with world cotton prices experiencing a 15% surge in the last two weeks and a subsequent 3% correction on Friday. Asher stated that the price trajectory will largely depend on the demand for main textile products. If demand remains subdued, prices are expected to cool down.The International Cotton Advisory Committee, on March 1, noted that the recent surge in global cotton prices can be attributed to speculative buying on the futures market. The committee expects the real situation to unfold in the coming months as plantings intensify. If the planted area remains lower than the previous season and consumer sentiment improves, prices may increase.Atul Ganatra, Chairman of the Cotton Association of India, highlighted that the Intercontinental Exchange (ICE) futures market rose from 80 cents to 103 cents per pound in recent days and slightly reduced on March 1. He emphasized that, at current prices, Indian cotton is more affordable than international prices, predicting that cotton exports are likely to exceed 20 lakh bales this season.Read More...👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI
| title | Created At | Action |
|---|---|---|
| This evening, the rupee closed at Rs 82.77 against the dollar with a weakness of 1 paise. | 12-03-2024 16:20:39 | view |
| New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units | 12-03-2024 12:14:27 | view |
| Today the rupee opened with a strength of 4 paise against the dollar- | 12-03-2024 10:15:23 | view |
| This evening, the rupee strengthened by 3 paise and closed at Rs 82.76 against the dollar. | 11-03-2024 16:29:53 | view |
| High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry | 11-03-2024 12:21:56 | view |
| Centre Sets Bt Cotton Seed MRP at ₹864/packet for 2024-25, Experiences Lowest Increase Since 2019 | 11-03-2024 11:54:36 | view |
| Today the rupee opened with a strength of 7 paise against the dollar. | 11-03-2024 10:24:36 | view |
| The rupee strengthened by 4 paise to close at Rs 82.78 against the dollar this evening. | 07-03-2024 16:29:47 | view |
| Cotton Prices Surge Across Gujarat | 07-03-2024 15:21:20 | view |
| Indian Government Commits to Procure Jute and Cotton Below MSP, | 07-03-2024 12:25:13 | view |
| Today the rupee opened with a strength of 1 paise against the dollar- | 07-03-2024 10:17:21 | view |
| This evening, the rupee strengthened by 7 paise and closed at Rs 82.82 against the dollar. | 06-03-2024 16:27:51 | view |
| Rupee falls by 1 paise against dollar | 06-03-2024 10:51:02 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar.. | 05-03-2024 16:15:07 | view |
| Today the rupee opened with a weakness of 1 paise against the dollar. | 05-03-2024 10:20:56 | view |
| Maharashtra Cotton Farmers Struggle as Prices Decline, Facing Dilemma Amid Looming Loan Deadlines" | 04-03-2024 17:52:31 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 82.89 against the dollar. | 04-03-2024 16:40:41 | view |
| Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid Discrepancies | 04-03-2024 13:47:30 | view |
| "India Braces for Above-Normal Heat Waves and El Nino Impact: IMD Forecasts for March-May" | 04-03-2024 12:01:10 | view |
| Textile Demand Holds the Key to Cotton Price course, Says International Cotton Advisory Committee" | 04-03-2024 11:30:42 | view |
