Rupee weak against dollar, opened 3 paise lowerThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 82.94 against the dollar. At the same time, on Monday, the rupee closed at Rs 82.91 against the dollar with a weakness of 3 paise. 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 at 72371.80 points with a fall of about 376.62 points. Whereas NSE's Nifty opened with a fall of 114.00 points at the level of 21941.70 points. Today, trading started in a total of 2,799 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
This evening, the rupee fell by 3 paise and closed at Rs 82.91 against the dollar.At the end of trading, BSE Sensex closed at 72,748.34, up 104.91 points or 0.14%. Whereas NSE's 50-share index Nifty closed at 22,051.15, up 27.80 points or 0.13%.Read more....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
Rapid rise in gin cotton prices has created concern among textile manufacturers and tradersThe price of ginned cotton has increased by Rs 7,000 per candy (356 kg) within a month, causing concern among textile manufacturers and traders. After remaining stable around Rs 55,000 per candy for almost two months, prices started rising in February. Recently, they touched more than Rs 62,000 per candy before closing at Rs 61,100 on Saturday.Despite minor fluctuations throughout the week, the Indian cotton market remained largely stable, with the Gujarat spot rate hovering around Rs 61,650 by the end of the week. Factors such as supply chain disruptions, global demand and weather conditions impacted these modest movements, reflecting a cautious sentiment among traders amid ongoing uncertainties in the market.Bharat Chhajer, former chairman of PDEXCIL, said the sudden price hike has hit domestic demand, but prices are expected to remain stable in the near future.Read More....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
Rupee strengthened against dollar, opened 3 paise higher The rupee opened with a rise against the dollar today. Today, the rupee opened 3 paise stronger at Rs 82.85 against the dollar. At the same time, on Friday, the rupee closed at Rs 82.88 against the dollar with a weakness of 6 paise. Today BSE Sensex opened with a decline.Today, BSE Sensex opened with a fall of 86.68 points at the level of 72556.75 points. Whereas NSE's Nifty opened with a fall of 27.05 points at the level of 21996.30 points. A total of 2,346 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry
Positive Projections CCPC Forecasts Growth in Indian Cotton IndustryThe Committee on Cotton Production and Consumption (CCPC), a governmental body comprising various stakeholders in the textile industry including farmers, has recently released estimates indicating positive trends in cotton production, export, and consumption for the current season (October 2023-September 2024) in India. Here's a summary of the key points from the news:Higher Crop Estimate the CCPC has raised its estimate for cotton production for the current season to 323.11 lakh bales (of 170 kg each), compared to the earlier estimate of 316.57 lakh bales. This is in alignment with the Ministry of Agriculture's second advance estimate.Lowered Production for Last Season Conversely, the CCPC has lowered the estimate for last season's production to 336.60 lakh bales, down from the earlier estimate of 343.47 lakh bales.Increased Imports the committee has raised its estimate for imports for the current season to 14.6 lakh bales, compared to the earlier estimate of 10 lakh bales. However, imports for the current season remain unchanged at 12 lakh bales.Export and Consumption Estimates Export estimates for the current season have been raised to 27 lakh bales, up from 15.89 lakh bales in the previous season. Consumption, including small spinners and non-textiles, is projected to be 317 lakh bales, compared to the earlier estimate of 310 lakh bales.Stocks Opening stocks are projected to be 61.16 lakh bales, contributing to an overall supply projection of 396.27 lakh bales for the current season. The committee has also reduced its estimate of carryover stocks to 52.27 lakh bales from the earlier estimate of 57.65 lakh bales.Market Dynamics Indian cotton has seen increased demand due to rising prices on the Intercontinental Exchange (ICE), New York. Domestic prices are currently quoted at a discount to ICE futures, making Indian cotton more attractive in the market.These estimates indicate a positive outlook for the cotton industry in India, with higher production, exports, and consumption anticipated for the current season.Read more....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
This evening, the rupee fell by 6 paise and closed at Rs 82.88 against the dollar.Today the Sensex closed at the level of 72643.43 points with a fall of about 453.85 points. Nifty fell by 123.30 points and closed at the level of 22023.35 points.Read more....👇🏻👇🏻👇🏻👇🏻Challenges Persist: Global Cotton Prices Surge Amidst Uncertainty
Today the rupee opened with a weakness of 12 paise against the dollar.The rupee opened with a decline today against the dollar. Today the rupee opened with a weakness of 12 paise at Rs 82.94 against the dollar. At the same time, on Thursday, the rupee strengthened by 5 paise and closed at Rs 82.82 against the dollar. However, the rupee is close to its all-time low. The all-time low of the rupee was made at Rs 83.36 against the US dollar on November 24, 2023.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 215.68 points at the level of 72881.60 points. Whereas NSE's Nifty opened with a fall of 58.35 points at the level of 22088.30 points. A total of 1,986 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
This evening, the rupee strengthened by 5 paise and closed at Rs 82.82 against the dollar.Today the Sensex closed at 73097.28 points with a gain of about 335.39 points. Whereas Nifty closed at the level of 22146.65 points with a gain of 148.95 points.Reasd more....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs
Government Mulls Enhancements to MSME Apprenticeship ProgramsThe Indian government is contemplating various measures to enhance apprenticeship training in millions of micro, small, and medium enterprises (MSMEs) across the country. These measures may include reducing the apprenticeship tenure from six months to three months, doubling stipend subsidies for MSMEs to 50%, offering tax incentives for hiring apprentices, and involving the private sector in providing manpower to MSMEs facing staff shortages.MSMEs play a significant role in India's manufacturing output and exports, comprising 38.4% of total manufacturing output and contributing 45.03% to the country's total exports. With approximately 64 million MSMEs employing 23% of the country's labor force and contributing 27% to GDP, enhancing apprenticeship programs in this sector could have substantial benefits.Industry experts emphasize the importance of tripartite engagement between industry, academia, and the private sector to boost apprenticeship training in India. They suggest that industry chambers and staffing companies could act as third-party aggregators to deploy apprentices with MSMEs nationwide, aligning with India's economic growth objectives and aspirations to become a developed nation by 2047.Read More....👇🏻👇🏻👇🏻👇🏻New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
Challenges Persist: Global Cotton Prices Surge Amidst UncertaintyGlobal cotton prices have surged recently, reaching exactly a dollar per lb in February 2024, up 8 percent from the previous month. This rise, after a period of stability between 80 - 90 cents, challenges the notion of a post-pandemic "new normal" for cotton prices.The main driver behind this surge appears to be China, which is significantly increasing its cotton imports despite sitting on record inventory levels. This shift follows the Xinjiang ban, which led to concerns over forced labor practices and subsequently excluded Chinese-origin cotton, yarn, and fabric from global textile supply chains.China's efforts to source cotton from other countries to maintain its global competitiveness may push cotton prices to unprecedented levels. Some speculate that China aims to drive prices high enough to make apparel destined for western markets prohibitively expensive, potentially prompting relaxation of the ban conditions.If these fears materialize, the global cotton market may still be far from settling into a new normal. This surge in prices, however, benefits Pakistan's spinning and fabric industry, which has been struggling with weak demand and record inventory levels.Read More....👇🏻👇🏻👇🏻👇🏻The recent surge in cotton prices has added to the challenges faced by yarn mills.
Rupee strengthened by 2 paise against dollar todayopen.The rupee opened strongly against the dollar today. Today the rupee opened with a gain of 2 paise at Rs 82.84 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 82.86 against the dollar with a weakness of 9 paise. Today BSE Sensex opened with a decline.Today, BSE Sensex opened with a fall of 191.79 points at the level of 72570.10 points. Whereas NSE's Nifty opened with a fall of 15.15 points at the level of 21982.55 points. A total of 2,236 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻"Maharashtra State Textile Development Corporation (MSTDC): A Boost for India's Textile Sector
This evening the rupee closed at Rs 82.86 against the dollar with a weakness of 9 paise.Stock market crashed, Nifty fell by 338 points and Sensex by 906 points.Sensex closed at 72,761.89 points with a fall of 906.07 points. Nifty fell by 338.00 points and closed at the level of 21,997.70 points.Read more....👇🏻👇🏻👇🏻👇🏻The recent surge in cotton prices has added to the challenges faced by yarn mills.
"Maharashtra State Textile Development Corporation (MSTDC): A Boost for India's Textile SectorThe state of Maharashtra in India is taking steps to boost its textile sector by merging several textile corporations to form a state-run development organization called the Maharashtra State Textile Development Corporation (MSTDC). This initiative aims to provide infrastructural support services for the textile industry, similar to the successful Maharashtra Industrial Development Corporation (MIDC).Maharashtra accounts for a significant portion of India's textile and apparel production and cotton production. The formation of MSTDC is part of the state government's Integrated and Sustainable Textile Industry Policy for 2023-2028, which aims to inject $3 billion into the textile sector.The reaction within the industry is mixed, with some seeing it as a positive step towards integration and efficiency, while others advocate for more support for small and medium-sized enterprises (SMEs).The textile sector in Maharashtra has faced challenges in the past, with previous organizations proving to be operationally ineffective. However, the new initiative aims to modernize the sector by creating textile parks with state-of-the-art infrastructure and common facilities.Overall, the consolidation of textile corporations under MSTDC is seen as a move towards enhancing efficiency and modernizing the sector, with a focus on supporting both large-scale operations and SMEs to drive economic growth and employment opportunities in the state.Read More....👇🏻👇🏻👇🏻👇🏻High Cotton Prices Lead to 50% Production Halt in Tamil Nadu's Grey Fabric Industry
The recent surge in cotton prices has added to the challenges faced by yarn mills. compounded by weak demand both domestically and globally. This surge, which saw domestic cotton prices rising by 10-12% in just two weeks, is a cause for concern for the textile industry. The Southern India Mills Association (SIMA) has warned against panic buying, fearing it would further squeeze profit margins already strained by low demand.One of the reasons for the price increase is the limited availability of working capital for medium and small spinning mills, which struggle to procure cotton during peak seasons. Large traders take advantage of this situation by stocking up and selling cotton at higher prices during off-seasons. Additionally, anticipation of higher minimum support prices (MSP) for farmers and international factors like the weaker crop forecast in the United States contribute to the surge in domestic cotton prices.The current scenario of rising cotton prices is particularly challenging because it coincides with stagnant demand for yarn and cotton textiles. Despite some improvement in business sentiment, the International Textile Manufacturers' Federation (ITMF) Global Textile Industry Survey indicates persistently weak demand, influenced by factors like global geopolitics, inflation, and high interest rates.The utilization levels in the textile industry are below 70%, indicating excess capacity. The recovery in demand is expected to reflect in higher utilization levels, but until then, any increase in cotton prices will further strain profit margins. The cautionary note from SIMA, highlighting the expected increase in global cotton availability post-July 2024, suggests that rushing to buy cotton at elevated prices may not be wise.In summary, the surge in cotton prices exacerbates the challenges faced by the textile industry, which is grappling with weak demand and excess capacity. Unless there's a sustainable increase in demand, mills are likely to face further pressure on their revenues and profit margins.Read More....👇🏻👇🏻👇🏻👇🏻New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
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,
| title | Created At | Action |
|---|---|---|
| Rupee weak against dollar, opened 3 paise lower | 19-03-2024 10:15:30 | view |
| This evening, the rupee fell by 3 paise and closed at Rs 82.91 against the dollar. | 18-03-2024 16:37:40 | view |
| Rapid rise in gin cotton prices has created concern among textile manufacturers and traders | 18-03-2024 10:42:33 | view |
| Rupee strengthened against dollar, opened 3 paise higher | 18-03-2024 10:21:14 | view |
| Positive Projections CCPC Forecasts Growth in Indian Cotton Industry | 15-03-2024 17:39:34 | view |
| This evening, the rupee fell by 6 paise and closed at Rs 82.88 against the dollar. | 15-03-2024 16:27:57 | view |
| Today the rupee opened with a weakness of 12 paise against the dollar. | 15-03-2024 10:15:10 | view |
| This evening, the rupee strengthened by 5 paise and closed at Rs 82.82 against the dollar. | 14-03-2024 16:22:33 | view |
| Government Mulls Enhancements to MSME Apprenticeship Programs | 14-03-2024 12:34:03 | view |
| Challenges Persist: Global Cotton Prices Surge Amidst Uncertainty | 14-03-2024 12:08:45 | view |
| Rupee strengthened by 2 paise against dollar today open. | 14-03-2024 10:26:18 | view |
| This evening the rupee closed at Rs 82.86 against the dollar with a weakness of 9 paise. | 13-03-2024 16:27:13 | view |
| "Maharashtra State Textile Development Corporation (MSTDC): A Boost for India's Textile Sector | 13-03-2024 12:18:26 | view |
| The recent surge in cotton prices has added to the challenges faced by yarn mills. | 13-03-2024 11:52:08 | view |
| 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 |
