Today evening, the rupee depreciated by 18 paise to close at Rs 74.79 against the dollar.The budget of the country was presented in the Parliament today. As soon as the budget was presented in the Parliament, the bullish phase in the stock market kept increasing and finally the closing of the stock market took place. Today where the Sensex rose by about 848.40 points to close at the level of 58862.57 points. On the other hand, Nifty closed at the level of 17576.80 points with a gain of 237.00 points.
Stock market swings before budget, opens up 659 pointsToday the government is going to present the budget. The financial condition of the country was seen very good in the Economic Survey presented yesterday.
All India weather forecast for February 1, 2022Weather systems made across the countryA Weak Western Disturbance is persisting over Ladakh and adjoining areas.An active Western Disturbance is expected to reach Western Himalayas from February 2.By February 3, a cyclonic circulation is likely to form over western parts of Rajasthan and adjoining Pakistan.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain has occurred over the southern islands of Andaman and Nicobar.Light to moderate rain occurred over southern parts of Coastal Tamil Nadu.Dense to very dense fog covered some parts of Uttar Pradesh and one or two parts of Bihar.Weather activity likely during next 24 hoursDuring the next 24 hours, light rain and snow is possible over Gilgit-Baltistan, Muzaffarabad, Ladakh and parts of Jammu and Kashmir and Arunachal Pradesh.Light to moderate rain may occur over parts of Assam, Meghalaya and Nagaland.Light rain is possible over Kerala, Tamil Nadu and parts of Andaman and Nicobar Islands.Dense to very dense fog is possible over many parts of foothills of Uttar Pradesh and one or two parts of North Bihar.The minimum temperatures are likely to increase gradually over the northwest and central parts of the country.
Today evening, the rupee strengthened by 43 paise to close at 74.61 against the dollar.Due to the excellent economic survey presented by the government, the stock market closed sharply today.Today, where the Sensex rose by about 813.94 points, closed at the level of 58014.17 points. On the other hand, Nifty closed at 17339.80 with a gain of 237.80 points.
Rupee opens 8 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 8 paise at Rs 74.96 against the dollar. At the same time, the rupee on Friday closed at Rs 75.04 with the strength of 3 paise against the dollar.
Sensex opens sharply, rises 678 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 677.53 points to open at the level of 57877.76 points.
All India Weather Forecast for January 31, 2022Weather systems made across the countryA Western Disturbance is over Jammu and Kashmir and adjoining region.Cold and dry winds are blowing from the north-west direction in the Gangetic plains of India.A Cyclonic Circulation is persisting over the Gulf of Mannar.A fresh Western Disturbance is expected to approach the Western Himalayas by February 2.Weather movement across the country during the last 24 hoursDuring the last 24 hours, Andaman and Nicobar Islands experienced heavy rainfall at one or two places.Moderate rain with isolated light rain occurred over Tamil Nadu Coast and Lakshadweep experienced light rain at isolated places.There was a slight increase in maximum and minimum temperatures over Northwest India and Central India.Weather activity likely during next 24 hoursDuring the next 24 hours, light rain and snow may occur over Gilgit-Baltistan, Muzaffarabad, Ladakh, Jammu and Kashmir and upper parts of Himachal Pradesh.There is a possibility of light rain in Tamil Nadu.Light to moderate rain at isolated places may occur over Andaman and Nicobar Islands.
Today evening the rupee strengthened by 3 paise to close at Rs 75.04 against the dollar.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 57200.23 points, down 76.71 points. On the other hand, Nifty closed at the level of 17102.00 points with a fall of 8.20 points.
Rupee depreciates against dollar, loses 4 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 4 paise at Rs 75.11 against the dollar. At the same time, on Thursday, the rupee closed at Rs 75.07 with a weakness of 29 paise against the dollar.
Sensex opened sharply, increased by 506 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 506.11 points to open at the level of 57783.05 points.
Textile sector pitches for removing import duty on all varieties of cottonTextile industry stakeholders, in a meeting with Union Finance Minister Nirmala Sitharaman on Thursday, pressed for removing import duty on all varieties of cotton or at least on extra-long staple (ELS) cotton to curb the rise in prices, and highlighted the issue of alleged hoarding by cotton players.The price of one cotton candy (one candy = 356 kg) increased from around Rs 37,000 in 2020 to Rs 80,000 now. Normally, any increase in the price by Rs 1,000 per candy would lead to an increase of Rs 4 per kg of yarn.Domestic raw cotton prices have moved up by almost 69 per cent between last January and this year while international prices have jumped by nearly 65 per cent during the same period. Other than the rise in cotton and yarn prices and futures trading, alleged cotton hoarding is what the industry is concerned about.Industry groups and the government of Tamil Nadu had highlighted there was a shortage of around 80 million bales (one bale = 170 kg) in the market, which may be with either traders or farmers. The industry bodies sought Sitharaman’s intervention in regulating the participation of multinationals in commodity exchanges, bringing out the cotton not found a place in the market, and allowing Cotton Corporation of India (CCI) to purchase cotton just above the minimum support price.According to a source present in the meeting, the finance minister was not fully aware that CCI had not purchased any cotton this year so far. “For the removal of import duty, even on ELS cotton, the minister was found concerned as how it would impact the farmers. The minister, after hearing the views of the industry, advised sending a representation immediately for her consideration,” said a source.Confederation of Indian Textile Industries (CITI) Chairman T Rajkumar, Tamilnadu Spinning Mills Association Chief Advisor K Venkatachalam, and Federation of Indian Export Organisations Chairman A Sakthivel were among those who represented the industry. There were representatives from the Tamil Nadu government also.According to industry players, due to the imposition of import duty on cotton to the extent of 11 per cent, except by advance authorisation under the duty exemption scheme, cotton import is not possible. Therefore, much of the domestic operation is dependent on only local cotton. This makes the demand increase. Cotton is also being allowed to be listed for trading under MCX/National Commodity Clearing and due to this, a great level of speculation is happening and this also is one of the reasons for an unrealistic price rise for raw cotton, as most traders are trading on speculation.Trade sources said another reason for the price rise was a mismatch between the production estimates of the government and crop output. The Centre estimates cotton production in 2021-22 at 36.25 million bales, while traders said it was around 33-34 million bales.The Cotton Association of India (CAI) expects production to be around 34.8 million bales. Consumption this year is expected to be around 35 million bales, though some traders said it could be around 33.5 million bales.If the consumption is estimated to be around 35 million bales and production at the lower end of the band, say, 33.5 million bales, the total cotton closing stock at the end of the current season is expected to be around 1.5 million bales, after accounting for 4 million bales of exports.
All India Weather Forecast for January 28, 2022Weather systems made across the countryThe Cyclonic Circulation lies over the northern parts of West Bihar.A trough is extending from South Tamil Nadu to South Interior Karnataka.A weak Western Disturbance is likely to reach Western Himalayas on January 29.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain occurred over many parts of Northeast India.Light rain and snowfall occurred in Uttarakhand, Himachal Pradesh and Jammu and Kashmir.Light rain occurred over Gangetic West Bengal, Tamil Nadu and isolated parts of Karnataka and Jharkhand.Cold wave conditions are persisting over parts of Rajasthan and Gujarat.Cold day conditions were observed in Delhi, western parts of Punjab and Haryana.Weather activity likely during next 24 hoursDuring the next 24 hours, light to moderate rain is very likely over Northeast India. There is a possibility of scattered snowfall over the upper reaches of Arunachal Pradesh.Light to moderate rain may occur over Andaman and Nicobar Islands.Light rain is very likely over Coastal Andhra Pradesh, parts of Tamil Nadu, Kerala and isolated parts of South Interior Karnataka and Lakshadweep.Cold day conditions are likely to persist over isolated parts of Haryana, West Uttar Pradesh and Delhi for the next 24 hours.Cold wave conditions are very likely to persist over parts of Gujarat and Rajasthan for the next 24 to 48 hours.
Feedback of the meeting with the Hon'ble Finance Minister Smt. Nirmala Seetharaman held by 4.00 PM on 27.01.2022.Dear All,As informed already, the meeting has happened through Video Conference as organized by the Hon'ble Ministry of Finance, New Delhi. The following are the participants.1. Hon'ble Minister for Finance, Government of India Smt. Nirmala Seetharaman.2. Hon'ble Minister for Textiles, Government of Tamilnadu Shri. R. Gandhi.3. Hon'ble Member of Parliament Shri. Trichy Siva4. The Principal Secretary to Government of Tamilnadu for Textiles Department Shri. Dharmendra Pratap Yadav, IAS.,5. The Commissioner of Textiles, Government of Tamilnadu, Shri. Vallalar, IAS.,From Industry Side, the following were the participants. 1. Dr.K.Venkatachalam – Chief Advisor, TASMA2. Shri. T.Rajkumar – Chairman, CITI3. Shri. Ravi Sam - Chairman, SIMA4. Dr.K. Selvaraj – Secretary General, SIMA5. Dr.A. Sakthivel – Chairman FIEO6. Shri. Raja M Shanmugam – President, TEA7. Mr. Prabhu Damodharan – ITFBefore the commencement of the meeting with the Hon'ble Finance Minister GoI, there was a pre-meeting organized at the Tamilnadu level, with Hon'ble Minister for Textiles, Government of Tamilnadu and points were discussed as how to precisely project the points to the Hon'ble Finance Minister. Accordingly, this time there was no demand either on the ban on export of cotton or ban on export of cotton yarn. The Agenda was to cover only on the following areas.1. To remove import duty on cotton on all varieties either ELS or otherwise. 2. To regulate the participation of Multi Nationals in Commodity Exchanges to deal with cotton.3. To bring out the cotton not found placed in market 4. To allow the CCI to purchase cotton just above the MSP. The Hon'ble Finance Minister was not fully aware that CCI has not purchased any cotton this year so far. For the removal of import duty, even on ELS cotton, the Hon'ble Finance Minister was found concerned as how it would impact the Indian Cotton Farmers. The Hon'ble Finance Minister after hearing the views of the industry, precisely advised to send a representation immediately for her consideration. However, the Hon'ble Finance Minister also expressed concerns over removal of import duty on cotton, which may wrongly signal the cotton growing farmers in India. Hence, after the closure of the meeting with the Hon'ble Finance Minister, again another round of meeting was held with the Hon'ble Textile Minister Tamilnadu, Hon'ble Member of Parliament and others. After discussing the matter, suitable proposal may likely to be sent before tonight, to the Principal Secretary to Government, Tamilnadu Textiles Department, for taking forward with the Hon'ble Ministry of Finance, New Delhi.
Today evening, the rupee depreciated by 29 paise to close at Rs 75.07 against the dollar.Today the stock market closed with a fall.Today, where the Sensex fell by about 581.21 points, closed at the level of 57276.94 points. On the other hand, Nifty closed at 17110.20 points down by 167.80 points.
Rupee collapses against dollar, opens weak by 40 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 40 paise at Rs 75.18 against the dollar. At the same time, on Tuesday, the rupee closed at a level of 74.78 with a weakness of 22 paise against the dollar.
Sensex opened again after opening, breaking 994 points openToday the stock market opened with a fall. Today the BSE Sensex fell by about 994.07 points and opened at the level of 56864.08 points.
All India Weather Forecast for January 26, 2022Weather systems made across the countryThe Cyclonic Circulation is over Northwest Uttar Pradesh and another Cyclonic Circulation lies over Jharkhand.A trough is extending from Punjab to Jharkhand up to Northwest Uttar Pradesh.Weather movement across the country during the last 24 hoursDuring the last 24 hours, dense to very dense fog fell over some parts of Punjab, Northwest Rajasthan and parts of Delhi & NCR.Cold day to severe call detail situation prevailed in parts of Himachal Pradesh, West Madhya Pradesh and North Rajasthan. Cold day conditions prevailed over Uttarakhand, parts of Haryana, Delhi, West Uttar Pradesh and Gujarat.Cold wave was observed in some parts of Gujarat.Light rain and snowfall occurred over the Western Himalayas.Light to moderate rain occurred over Andaman and Nicobar Islands.Light to moderate rain occurred at isolated places over East Uttar Pradesh, parts of Jharkhand, Bihar, Manipur, Mizoram, Tripura, Nagaland, Coastal Andhra Pradesh, Coastal Tamil Nadu and West Bengal and Arunachal Pradesh.Weather activity likely during next 24 hoursDuring the next 24 hours, one or two places of rain with light rain may occur in Northeast India.Scattered light rain and snow are possible over the Western Himalayas and hills of Arunachal Pradesh.Light rain is possible over Bihar, Jharkhand, parts of Sub-Himalayan West Bengal and parts of Coastal Odisha, Coastal Andhra Pradesh and Tamil Nadu.Cold day conditions may continue over parts of Punjab, Haryana, West Uttar Pradesh and Delhi NCR.Cold wave conditions are possible over some parts of Gujarat.
Today evening, the rupee depreciated by 22 paise to close at Rs 74.78 against the dollar.The decline in the Sensex ended, closed up by 367 pointsToday the stock market closed sharply.Today, where the Sensex closed at a level of 57858.15 with a gain of about 366.64 points.Nifty closed at the level of 17278.00 points with a gain of 128.90 points.
Budget 2022: Introduce PLI scheme for cotton textiles; make import of cotton yarn duty-freeWith slowdown in China, apt time to provide sops for textile industryAs far as the Indian textile industry is concerned, it is currently staring at the dawn of a bright future that upholds the promise of growth. The recent China+1 policy adapted by manufacturers in addition to the slowdown in China will enable sourcing destinations such as India to grab a significant share of the global textile market.Our manufacturing prowess coupled with ease of access to raw materials and labour force has already made us a preferred destination for sourcing by leading global brands of repute to source products. It is the opportune time for the government to provide desired support in terms of sops to the textile industry to propel its growth further and significantly enhance the industry position globally.Textile and apparel industry, contribute majorly in export earnings and employment generation, is expecting changes in taxes, PLI scheme, and customs duty in the upcoming Budget. The garment and fabric export industry suffered heavily last year due to an over 100 percent increase in cotton fibre prices.This crisis was further accentuated due to the levied 10 percent customs duty on the import of cotton fibre. To ease supply, this duty should be revoked. Also, since cotton yarn prices have increased by about 78 percent, this year has had an impact on the sector significantly. If the import of cotton yarn is made duty-free it would help in increasing supply domestically.Extend RODTEP scheme for deemed exportsLast year, the government re-introduced the Rebate of State and Central Taxes and levies (ROSCTL) for Garment exports and Remission of Duty and Taxes on Export Products (RoDTEP) for the yarn and fabric industry. These schemes helped the industry to get rebates of embedded central and state taxes. Additionally, to encourage value-added exports wherein the fabric export is converted to garment export, the RODTEP scheme should also be extended for deemed exports. Further to boost exports, the ROSCTL scheme should be extended also to advance license so that the garment manufacturers are encouraged to buy fabric for their exports indigenously.To combat the shortage of short-staple spinning capacity in the country, a PLI scheme should be introduced for cotton textiles. Sops for Textile parks in terms of capital expenditure on utilities like ETP etc. can enhance price competitiveness.The consumers and trader associations had expressed their displeasure on the GST hike on textiles and apparel, urging the government to reconsider its decision. The Indian textile industry has bounced back very strongly this year compared to last fiscal with the restrictions and lockdown in certain cities. India’s T&A exports are estimated to have increased to $40 billion. The industry exports are growing at a healthy level of approximately 20 percent registered in all segments from fiber, yarn, fabric, apparel to home textile, etc.With a goal to achieve T&A exports of 65 billion and above by 2025, there is a dire need for radical reforms that just do not address recovery but accelerate the pace of growth for the Indian economy.
Rupee depreciates against dollar, loses 1 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 1 paise at Rs 74.57 against the dollar. At the same time, on Monday, the rupee closed at a level of 74.56 with a weakness of 14 paise against the dollar.