Tex-Pro

07/08/2024

Today's Textile News

Bangladesh situation to hurt India's cotton exports; trade impact not so high

1) The political crisis in Bangladesh may not have a significant bearing on India's trade, but will certainly weigh heavy on India's cotton sector, a Moneycontrol analysis of data shows.
2) India exports $2.4 billion worth of its cotton to Bangladesh, which has emerged as a textile centre for the world.

Crisis in Dhaka: Bangladesh textile biz may move to hubs like Tiruppur

1) With the crisis in Bangladesh intensifying, the textile sector, which contributes a lion's share of its export, is likely to be a victim of the turmoil, with international buyers shifting their focus to alternative markets like India.
2) India's gain will be an additional business of $300-400 million per month if 10-11% of the neighbouring country's export is diverted to Indian hubs like Tiruppur, say industry experts.

Crisis in Bangladesh: Textile stocks zoom; Gokaldas, Kitex rally up to 11%

1) Crisis in Bangladesh: Shares of textiles, garments & apparel companies were in focus and rallied up to 11% on the National Stock Exchange (NSE) in Tuesday's intra-day trade on expectations of earnings improvement.
2) Gokaldas Exports rallied 11% to Rs 1,022, RSMW surged 10% to Rs 254.10, followed by Kitex Garments (8% at Rs 227), Faze Three (8% at Rs 558.50), GHCL Textiles (8% at Rs 119.50), Indo Count Industries (5% at Rs 395.50), KPR Mill (4% at Rs 861.05) and Arvind (3% at Rs 382.85). In comparison, the Nifty 50 was up 1% at 24,295.75 at 09:41 am.
3) With the crisis in Bangladesh intensifying, the textile sector, which contributes a lion's share of its export, is likely to be a victim of the turmoil, with international buyers shifting their focus to alternative markets like India.

Other Headlines:

Bangladesh apparel exporters race against time amid sea, sir freight congestions, fare hike

India's exports to face issues in Bangladesh as crisis deepens: Exporters

India-Bangladesh Garment Trade: Exploring the impact of tax exemptions

Profitability of polyester yarn manufacturers to improve by 100-150 bps in FY25, says CRISIL

Rajasthan govt plans to bring an investor-friendly industrial policy soon

IndiGo, Air India cancel their flights to Dhaka amid Bangladesh unrest

Encourage textile investments in border districts of Andhra Pradesh, Collectors told

African delegation explores collaboration opportunities with textile industries in Coimbatore region

Cotton pressured lower on Monday morning

Rupee Vs Dollar: INR falls to record closing low against USD

Oil prices decline as strong US recession fears loom global markets

Pakistan: Spot rate gains Rs 200 per maund

Pakistan: Textile value chain evades Rs 236 bn tax annually

Pakistan: Karachi's power looms struggling amid rising production.

03/05/2022

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All units in TS Textile Park shut, 1000 lose jobs

Other Headlines:

India logs 3,157 new Covid cases; Delhi, Haryana among top five states with high infections

It's raining investments in Rajasthan as big brands get busy in the state

Centre's inefficiency pushing textile sector into crisis: KTR

Gokaldas Exports stock zooms 9% on strong Q4; Long term bet in the apparel exports space- Says ICICI Direct

Labour unions demand rights, better facilities

India, Mauritius pact may include safeguard mechanism related provisions

Last-minute Eid shopping enlivens Hyderabad markets

Prevail upon Centre to knock off GST on textiles: Telangana minister KT Rama Rao

Manufacturing PMI expands in April despite inflationary pressures

Pakistan: Weekly review: cotton rates remain stable

China: Its manufacturing sector braves headwinds amid policy support

Sri Lanka: Fabric Park in Punnakuda to save USD 500 million outflow on apparel raw materials

Nigeria: FG seeks to revive 160 moribund textile companies

1) The worst fears of weavers employed at various units of Sircilla Textile Park have come true on Sunday. As hinted earlier, the owners of these units, faced with heavy financial crunch, shut shop.

2) Ironically, the decision to close down their units came on a day when the workers should be celebrating International Workers' Day, leaving around 1,500 employees to their fate.

3) With closure of all the units, which at least for now looks indefinite, the Sircilla Textile Park wore a deserted look with the desolate employees unsure where their next meal would come from.

Power cuts, Gurugram's ancillary units on brink

1) Struggling with power cuts for almost 15 days now, over 100 ancillary units have threatened to shut down operations, citing inability to bear the cost of diesel generators (DG sets).

2) The units, which claim to be facing power cuts for as long as 12 hours, have sought Power Minister Ranjit Singh's intervention into the matter.

India-UAE trade pact comes into force; textiles, agriculture, others to get duty-free access

1) The free trade agreement between India and the UAE has come into effect on Sunday, under which domestic exporters in various sectors like textiles, agriculture, dry fruits, gems and jewellery will get duty-free access to the UAE market.

03/05/2022

Yarn price

Hello friends, The current increase in yarn price may create a difficult situation for all industries and retail sector.

Don't worry, In india cotton reached its maximum price. As far as now it reached 1lakh rupees per candy (356kgs) in india. On the other hand Imported cotton price is 1.07 lakh rupees and as we know there is no import duty for cotton, already our gvt made it free.

Our domestic cotton price reached equal to international Cotton price.

So, as per my prediction there will not be any further increase in cotton price . And the cotton that has been hoarded will come out now. so that price may have chance decrease slightly.

09/04/2022

Today's Textile News

Cotton prices hit all-time high at Rs 8,200/ quintal

1) Much to the joy of cotton farmers, Punjab recorded an average all-time high rate of Rs 8,200 per quintal, a jump of 26% from the previous season kharif season.
2) This despite the state witnessing a drastic dip of 47% in cotton production as compared to the last season. The 2021-22 cotton season has almost come to an end in Punjab.

India's garment export capital singed by Russia-Ukraine war

1) Tiruppur Exporters Association (TEA) president Raja A. Shanmugham has said that the industry which is often referred to as the hosiery capital of South India and the Manchester of South is facing an acute crisis.
2) He said that the heavy increase in raw cotton prices had already affected the business and now the Russia-Ukraine war has taken the business to a new low.

New India free trade agreement spins benefits for sheep and wool sector

1) The sheepmeat and wool industries are set to reap the benefits of the newly minted free trade agreement between Australia and India.
2) Representatives from the sheep and wool sector have welcomed the Australia-India Economic Cooperation and Trade Agreement, signed by federal trade minister Dan Tehan and Indian Minister for Commerce and Industry Piyush Goyal in a virtual ceremony.

Other Headlines:

Ind-Aus ECTA to ensure full capacity utilization of Indian apparel factories, says AEPC Chairman

GHCL completes divestment of its home textile business for a total consideration of Rs 608.30 crore

Indian export to Bangladesh rises 64.5%

Textile industry in Coimbatore facing a tough time due to scarcity, rising prices of raw cotton

Higher raw material cost to dampen textile demand in India: Study

Goods exports up 33% from pre-pandemic levels: Piyush Goyal

Revamp of Asia's biggest textile market on the cards

2,596 exhibitors and buyers from 92 countries: Handicraft fair wraps up

Tripura set to emerge as connectivity hub

CACP recommends extension of JCI's reach for jute procurement

Pakistan: Cotton rate stable amid low buying

China: Textile sector notches steady growth in first two months

Uzbekistan and Kyrgyzstan plan to increase trade turnover to $2 bln

28/07/2020

Today's Textile News

ICE Cotton Futures: NY cotton rises 3pc on hurricane damage concerns, weak dollar

1) ICE cotton futures jumped more than 3% on Monday as excessive rains brought by Hurricane Hanna in Texas, the United States' biggest cotton-growing region, stoked fears of a damaged crop, while a weaker dollar provided further support.
2) Cotton contracts for December rose 1.31 cents, or 2.2%, to 61.41 cents per lb by 1:26 p.m. EDT (1726 GMT), having earlier hit a peak of 61.95, and were also set for their best day since July 1.

Cotton Corp procures 1.04 crore bales, a global record

1) The Cotton Corporation of India (CCI) has procured around 1.04 crore bales, top officials of the corporation said. PK Aggarwal, CMD of CCI, said this is a global record of procurement by any single entity till date.
2) The total procurement by CCI is valued at Rs 28,000 crore, he said. The previous best performance by CCI was 90 lakh bales in 2008.

Cotton Corporation of India (CCI) looks to boost cotton exports to Bangladesh, Vietnam

1) The Cotton Corporation of India (CCI), which is holding surplus stocks of cotton just ahead of the next harvest season, is trying to boost exports of the fibre crop.
2) A memorandum of understanding is being worked out to export 1.5-2 million bales (of 170 kilograms each) of cotton to Bangladesh while the state-run CCI will also set up its own warehouse in Vietnam to boost cotton exports.

Other Headlines:

Bangladesh: Majority of textile, RMG workers yet to get Eid bonus

Two locust swarms back in Mahendragarh after 13 days

RIL may buy Future Group's retail biz for Rs 27,000 crore

Pink bollworm threatens cotton crop in M'wada

Purchase of cotton for Rs. 63.47 lakhs at Valangaiman Regulatory Sales Hall<

Zimbabwe keen on biz tie-ups with SUVM

Tamil Nadu CM inaugurates 11 projects, lays foundation stone for 8 more

Govt to go ahead with divestment of 23 PSUs cleared by Cabinet: Finance Minister Nirmala Sitharaman

Lockdown: MSME relief plan being readied, says Maharashtra minister

Delhi Police busts gang involved in stealing licenses of export firms

Rupee settles flat at 74.83 against US dollar

Crude oil prices slip on US-China tensions, rising virus cases

Pakistan: Cotton spot rate down further by Rs100 to Rs 8150

UK: COVID-19 delays BCI inquiry into Xinjiang cotton

23/07/2020

Today's Textile News

Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm

1) Arvind Fashions (AFL) on Tuesday said its subsidiary Arvind Lifestyle Brands has received Rs 260 crore from Flipkart India to pick a minority stake in another group firm Arvind Youth Brands. Arvind Youth Brands is Arvind Fashions' recently-formed subsidiary which will own the Flying Machine brand.
2) 'After completion of the customary conditions precedent, Arvind Lifestyle Brands Ltd, a subsidiary of the company, received Rs 260 crore from Flipkart India as consideration for the sale of a significant minority stake in Arvind Youth Brands, another subsidiary of the company,' Arvind Fashions said in a BSE filing.

India begins anti-subsidy probe on Chinese export of certain yarn

1) The Commerce and Industry Ministry on Monday initiated a probe into alleged low-cost imports of a certain type of yarn from China, which is impacting the domestic industry.
2) The Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR) has started the probe to assess if the subsidy programme of China for exports of 'Viscose Rayon Filament Yarn above 60 deniers' is impacting the Indian industry.

Aatmanirbhar Bharat: Big relief for textile sector likely soon, reveal sources

1) The government is focusing on certain sectors to promote its 'Aatmanirbhar Bharat' mission and has identified the textile sector as one of the key sectors to take it forward. In light of this, the Modi government is planning to give a much needed relief to this sector.
2) The textile sector will play a big role in realising government's dream of 'Aatmanirbhar Bharat', Khandelwal said. Source close to her have revealed that the government is planning to develop a large world class textile infrastructure in the country in the form mega textile parks.

Other Headlines:

ICE Cotton Futures: Cotton futures up 0.25% in afternoon trade

Management of SP Apparels Ltd sees revival in order inflow

Haryana to bear 100% cost of insuring cotton crop

Uttar Pradesh: Rebate on power bills of weaving units

Rs 300-cr illegal HT cottonseeds trade thrives in Andhra, Telangana, Maharashtra

Indian Sellers on Amazon exported more than $2 billion worth of goods

Brands urged to support supply chains

Rupee strengthens to close at 74.74 against Dollar

Crude oil price rallies on improving demand, risk-on sentiment

Pakistan: Stable trend witnessed on cotton market

29/06/2020

gets a hotspot

1) With the Covid-19 tally reaching 25 in Ichalkaranji by Saturday, the textile town in the region is turning into a hotspot of Covid-19 infection. Most of these cases that have come to the fore in the last few days involve locals who have had no travel history.

2) The textile operators are worried since many fear that the establishments may be shut again if the Covid count continues to rise. The mill operators are already facing shortage of workers. Over 15,000 workers have left the town during lockdown.

Hold-ups at ports will hit India, not China: Nitin Gadkari

1) Amid concerns over delays in customs clearance for imports from China, transport and MSME minister Nitin Gadkari has written to the finance and commerce ministers, urging them to remove roadblocks to the quick release of goods at ports, arguing that these shipments have reached Indian shores based on payment made by industry players.

2) He told a web-platform that a delay in the passage of these imported goods will hurt Indian players, and not China. 'Our focus is to reduce imports and to do so we can increase import duty. But holding up already imported items will harm our entrepreneurs as they will incur huge losses,' Gadkari said.

Strict scrutiny of Chinese imports affecting Indian industries

1) With the Centre taking a tough stand on imports from China amid the border tensions, several industries that depended on inputs from that country are facing delay in getting their supplies as the goods are held up at ports and airports and are being subjected to stricter Customs scrutiny.

2) Several industry bodies, from apparel to electronics, have written to the government urging faster Customs clearance as delays might affect the manufacturing process.

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Textile industry faces labour crunch: Migrants happy with MNREGA work in UP as Surat units struggle

H&M India sales fall 74% during March-May quarter

: Imposes higher taxes on over 400 more imports

-Vietnam FTA: India's labour-intensive export sectors to feel the heat, China may gain

units seek loan restructuring package

lure migrants back to work with flight tickets

of Delhi in panic as locust swarms descend

's industrial profits drop 19% in 1st 5 months of 2020

cloud parts of UP

upto 80 washes, Coimbatore based textile manufacturing company develops PPE coveralls

: Weekly Cotton Review: Bullish trend witnessed

: RLNG diversion to power sector leaves textile in the lurch

23/06/2020

Today's Textile News

Peter Navarro walks back statement implying trade deal between Trump, China is 'over'

1) White House trade adviser Peter Navarro indicated on 'The Story' Monday that President Trump had decided to terminate the China trade deal before claiming his comments were taken 'wildly out of context' after stock market futures tumbled more than 400 points.
2) Navarro and host Martha MacCallum were discussing claims in a forthcoming book by former National Security Adviser John Bolton that Trump delayed imposing sanctions on China over its policy of interning Uighur Muslims so as not to jeopardize a trade deal with Beijing.
3) 'Do you think that the president -- he obviously really wanted to hang on to this trade deal as much as possible and he wanted them [China] to make good on the promises because there had been progress made on that trade deal," MacCallum told Navarro. 'But given everything that's happened ... is that over?' 'It's over,' Navarro responded.

FOSTTA bans delivery of finished, unfinished fabrics in market

1) With the cases of coronavirus on the rise in Limbayat zone, the the Federation of Surat Textile Traders Association (FOSTTA) has taken a decision for not allowing the finished and unfinished fabric parcels from the powerloom units and textile mills for one week starting June 22.
2) FOSTTA office-bearers stated that the representatives had organised a meeting with the municipal commissioner Banchhanidhi Pani, to discuss about the operational issues at the textile markets due to the spike in the Covid-19 cases at the Limbayat and central zone of the city on Saturday.

Raymond cuts workforce to tide over COVID-19 woes

1) Amid an organisational restructuring to tide over the COVID-19 woes, apparel maker Raymond has seen about 1,100 employees either resigning or being sacked since April as part of cost-control measures, retrenched employees claimed, but the firm refuted their assertions on non-payment of full dues.
2) About a dozen employees spoke to said the Raymond management sought resignations from them, failing which they were threatened with termination. While some 400 were coerced into resignation, around 700 who did not do so were sacked. Similar notices have been served to 400 more now, they claimed.

Other Headlines:

Bangladesh: 97% Bangladeshi products get duty free access in China

China's answer to India crackdown: Dragon eyes Bangladesh, Nepal with better trade deals

Brands looking to shift production from China to India

US: Donald Trump signs proclamation suspending entry of workers on H-1B visas, others

ICE Cotton Futures: ICE cotton slips on favorable weather conditions

Tirupur misses export target, domestic sales hold on

Shops function till 2 p.m. in Erode

CITU demanded the provision of ration for the closed textile mill workers

Use technology to explore possibilities, Smriti Irani tells Karur textile exporters

HeiQ and Intexso Biochem celebrate seven years of partnership in the fast-growing and innovative market of India

Rupee rises to 76.02 as equities extend gains, Dollar weakens

Crude oil prices steady on tighter supply, but virus fears cap gains

Pakistan: Business remains stable on cotton market

Pakistan: Textile industry: Punjab APTMA chief demands smooth supply of furnace oil

19/06/2020

slashes cotton prices to boost sales

1) The Cotton Corporation of India (CCI), the government agency which is presently holding close to one third of the country's cotton stocks, has slashed the price of its cotton to promote sales.

2) This has made domestic cotton cheaper than the imported cotton, however, large availability of cotton in the current year and forecast of a big crop ahead has kept the buying subdued.

industry body retains crop estimate for 2019-20 at 330 lakh bales

1) The Cotton Association of India (CAI) has retained its crop estimate for 2019-20 at 330 lakh bales of 170 kg each, the same level as estimated by it in the previous month.

2) released its May estimate of the cotton crop for the season 2019-20 (October-September) on Thursday. The cotton crop finalised by the CAI for the crop year 2018-19 was 312 lakh bales.

3) The total cotton supply estimated by the CAI during the months of October 2019 to May 2020 is 352.65 lakh bales, which consists of the arrivals of 307.65 lakh bales up to May 31, 2020, imports of 13 lakh bales up to May 31, 2020 and the opening stock estimated by the CAI at 32 lakh bales at the beginning of the season.

Rs 800 crore cotton bring ins coming from China could be ceased if local area development increase

1) yearns for bring in of cotton coming from China to become restrained so as to ensure local area development and also generate additional jobs. KVIC Chairman Vinai Saxena determines cotton bring in ad valorem Rs 700-800 crore could be substituted along with local area production.

2) Around 12,03,942 cultivating loved ones and also 56,013 reeler loved ones are actually associated with sericulture similar tasks all over a variety of states. Basic customizeds duty of 10% and also 20% is actually imposed on uncooked cotton and also cotton textile bring in specifically.

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'UP to become Textile Hub', Additional Chief Secretary Handloom and Textile Industry informed

joins forces with Ruby Mills to manufacture 'antiviral' fabric

companies' revenue to fall on drop in demand due to slowdown: Ind-Ra

growers to pile more pressure on downtrodden cotton market

Cotton Futures: Cotton dips as virus woes stoke demand growth concerns

Enforcement of precautionary measures to be intensified

: Days after reopening, 15 powerloom factories shut due to labour shortage

textile firm accused of encroaching government land

Garment, footwear shops in Jharkhand to open from today

All bleaching units in Panipat unregistered, reveals RTI report

stock soars 9 times in 4 months; Ambani touch takes stock from NCLT to multibagger

orders govt to release seized cotton seeds

vs Dollar: Rupee appreciates 7 paise to 76.09 amid weak weak US currency

prices edge up on Opec output cut compliance; pandemic still weighs

: Bullish trend witnessed on cotton market

: Textile hubs expect up to 40% drop in overall trade in 2020

: Worn Again secures major new investment

10/06/2020

asked to clarify why it has not purchased cotton from farmers yet

1) In an important order, the Aurangabad bench of the Bombay High Court has asked all cotton farmers to put forth their grievances regarding the lapses on part of the Maharashtra government and other relevant authorities. The HC has also ordered the government to file a detailed affidavit regarding its policy for purchasing cotton from farmers and why it did not buy cotton from these farmers via offline mode.

2) The HC has also ordered the government to purchase cotton, as much as possible, from the farmers, even offline, before June 12.

Corp's MSP purchases to top record 1-cr bales

1) State-run Cotton Corporation of India (CCI), which has made a record procurement of about 98 lakh bales so far, will continue to purchase the fibre crop at the minimum support price (MSP) till September, the new Chairman and Managing Director, PK Agarwal, has said.

2) 'We will be there in the market up to September 30. No farmer will be put into trouble,' Agarwal, who took over as CMD of CCI on June 1, said. CCI expects to procure another 5-7 lakh bales and total purchases exceeding 1 crore bales in the 2019-20 season.

acreage crosses 7-year high in Punjab

1) The area under cotton in Punjab, which is the state's second biggest kharif (summer sown) crop, has touched a seven-year high this season. According to the Punjab agriculture and farmers welfare department, cotton acreage stood at about 4.80 lakh hectares till Monday, surpassing the seven-year high of 4.45 lakh hectares in 2013-14.

2) Data compiled by the state agriculture department suggests that cotton sowing was recorded at over 4,80,751 hectares in Punjab till Monday evening, up from 3.23 lakh hectares in 2019-20 with a growth of over 22%.

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: Cotton trade faces major shake-up, says ICAC

: New York cotton dips on weak demand

Inc woos labourers with healthcare, hostels to get them back at work

offer better wages, conditions to lure migrants back

facing crisis in Chittoor amid lockdown exemptions, layoffs employees

, , clusters take maximum loan sanctions under ECLGS scheme

to help 50 lakh weavers, artisans to sell online

: Fire breaks out at textile market for third time in 6 months

-19 gloom: Apparel exporters hit as global retail biggies shut shop

plans to sell masks & PPEs through Amazon

ends marginally lower at 75.61 against Dollar

prices dip on oversupply concerns and stronger dollar

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08/06/2020

approves EU trade pact in bid for China-exit deals

1) Vietnam's National Assembly approved a free trade agreement with the European Union on Monday, a move expected to help make the country a new investment destination for manufacturers looking to leave China.

2) The deal was unanimously approved and, following formal ratification, will take effect as early as August. The trade deal has already been ratified by the EU, making Vietnam the second Southeast Asian nation to have such a trade treaty with the European bloc after Singapore.

Exports likely to be positive only by end of Q2, say exporters

1) Overseas shipment of goods from India's factories are likely to be in negative territory till October, exporters said, even as they are getting enquiries from potential foreign buyers. Exports from the country crashed 60% in April to $ 10.36 billion, the lowest in almost three decades.

2) 'Going by the feedback of our members, we expect contraction in exports to continue till at least October,' said Ajay Sahai, CEO of Federation of Indian Export Organisations, an umbrella body of exporters supported by Ministry of Commerce.

Pay within a week or face boycott: Traders told

1) (FOGWA), apex body of the powerloom sector has set new business rules to cope up with the present situation in the industry due to the lockdown and global pandemic.

2) office bearers have decided that the textile traders are required to make payment of the unfinished fabric within seven days of the delivery or else the powerloom weavers will boycott those traders flouting the norms.

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1,300 Garment factory workers lose their jobs overnight in Karnataka amid COVID-19 pandemic

of migrants hits garment, knitwear hubs

cut down on cotton area, go for soyabean instead

over free inter-state movement hinders resumption of industrial activity in Kathua

demands waiver of fixed power charges for industrial sector

wants joint infra projects expedited

in sustainable cotton production, says Textile Exchange Report

: Weekly cotton review: Market witnesses slow trade

: DIFE urges factory leaders to stop sacking workers

: Textile enterprises here post declines in revenues

: 'Hard-hit' clothing, footwear sector appeals to govt to address financial challenges

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05/06/2020