Business Standard

Ginners strike against ban on cotton export

Related News

Protesting against the recent cotton export ban, ginners of the Saurashtra region have gone on a two-days' strike from Wednesday. What's more, even the agricultural produce market committee (APMC) of the region has also joined them in the protest.

"Ginning mills in the state have gone on two-days' strike to oppose the Union Government's decision on banning cotton exports. The ginning mill owners will meet on March 9 to decide on their future action plan," said Bharat Vala, president of Saurashtra Ginning Association.

According to Vala, the ban will affect next cotton sowing and if farmers don't get their expected prices then they may shift to groundnut crop as they have been receiving good prices for groundnut throughout all the year. The ban on cotton export has come also hit the commodity prices which declined by almost Rs 3000 per candy of 356 kg. Varieties like Gujarat Sankar-6 cotton were traded on Rs 32,800-33,000 per candy.

"We are considering to go for indefinite strike after our meet," Vala added.

The government has banned cotton exports with immediate effect, the Directorate General of Foreign Trade (DGFT) said on Monday, as the world's second-largest exporter of the fibre moves to conserve supplies for local mills.

"All APMCs in Saurashtra have also extended their support by joining the strike and have suspended cotton auctions till the ban is withdrawn," said Hardevsinh Jadeja, president of Rajkot APMC.

Read more on:   
|
|
|
|

Read More

FMC mulls rules for algo trading

The commodity derivatives market regulator, the Forward Markets Commission (FMC), may decide to issue rules for algorithm (algo) and high-frequency ...

Quick Links

Market News

Nickel drops by 0.2% on profit-booking

Speculators locked-in gains amid a weak trend overseas

Zinc up 0.3% on firm spot demand

Speculators enlarged positions amid a firm global trend and better domestic demand

Copper up by 0.4% on global cues

Speculators created fresh positions on firm global cues

Godrej Properties hits 52-week high on strong Q3 results

The stock hit a 52-week high of Rs 288 after reporting 27% yoy growth in net profit at Rs 47 crore in December quarter.

Sensex, Nifty range bound; IT stocks gain

Maruti Suzuki, TCS, Sun Pharma, Hero Motocorp and Coal India are the top gainers

 

Back to Top