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Textiles manufacturer and exporter Varvee Global Limited on Thursday said its profit after tax jumped by 23 per cent in the July- September quarter to Rs 10.21 crore compared to Rs 8.2 crore in the year-ago period. The denim textile manufacturer's revenue from operations surged by nearly 80 per cent to Rs 27.83 crore in the second quarter of FY26 compared to Rs 15.47 crore in the year-ago period, reflecting stronger realisations and a richer mix, the company said in a statement. A sharp drop in finance cost to nearly nil and lower expenses in the second quarter boosted the profitability, the company said. "This is the first full quarter with the new leadership playbook at work where results are visible in the margin reset, the EBITDA swing, and the near-elimination of finance costs," Jaimin Gupta, Chairman & Managing Director, said. The company will focus on deepening high-margin product lines, tighten cash conversion, and maintain conservative funding while pursuing selective, ...
The Uttar Pradesh government on Sunday announced that eight-day trade shows will be organised across all 75 districts of the state from October 9 to 16, where entrepreneurs will be provided free stalls to showcase and promote their products on a wider scale. Khadi and Village Industries Minister Rakesh Sachan made this announcement during a seminar on Khadi for Nation, Khadi for Fashion held on the fourth day of the UP International Trade Show (UPITS) in Greater Noida, an official statement said. Highlighting the significance of GST reforms, Rakesh Sachan stated that for the first time since the introduction of GST, such a large-scale relief has been implemented, bringing fresh momentum to the MSME sector. "Earlier, trade shows were restricted to the divisional level, but in view of the success of UPITS, the government has now decided to expand them to every district. Entrepreneurs from diverse sectors, including Khadi, textiles, and ODOP, will participate, with officials already ..
Stock market investors may remain jittery in the near term as the steep 50 per cent tariff on Indian goods entering the United States came into effect from Wednesday, with sectors like textiles, gems and jewellery, leather expected to remain in focus, when the benchmark indices begin trading on Thursday, analysts said. Market experts, however, believe that panic is unlikely since the 50 per cent tariff is not unexpected and in the near term, stocks may remain range-bound. The additional 25 per cent tariff imposed by US President Donald Trump on India for its purchases of Russian oil came into effect Wednesday, bringing the total amount of levies imposed on New Delhi to 50 per cent. Sectors that would bear the brunt of the high import duties imposed by the Trump administration include textiles/clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery. The domestic equity market is closed on Wednesday on account of
Despite global uncertainties, exports of major textile commodities increased 5.37 per cent to USD 3.10 billion in July 2025 compared to USD 2.94 billion in the year-ago period, the government said on Wednesday. Despite global uncertainties, India's textile exports continue to chart a positive growth trajectory, reaffirming the sector's role as a key driver of employment, exports, and economic growth, the Textile Ministry said. India's textile and apparel sector has continued to demonstrate resilience in July 2025, recording a steady growth trajectory. As per quick estimates released by the Directorate General of Commercial Intelligence & Statistics (DGCIS) for the period April-July 2025, cumulative textile exports rose 3.87 per cent to USD 12.18 billion against USD 11.73 billion a year ago. The total exports of the six major textile commodity groups crossed USD 3.1 billion in July 2025, showing resilience against mixed global trade conditions. Sustained demand in ready-made ...
Integrated textile firm AB Cotspin India has announced plans to invest up to Rs 1,500 crore to significantly expand its manufacturing capacity. The investment will be funded through a combination of bank financing, internal accruals, and government incentives, ensuring a robust and balanced capital structure, the company said in a stock exchange filing. The expansion project will involve the addition of approximately 2,00,000 spindles to the company's existing capacity of 50,832 spindles, effectively doubling its production scale, the Bathinda-headquartered firm said. The new capacity will be established across India, with key locations in Madhya Pradesh and Maharashtra, and is expected to become fully operational within the next three years. "This strategic project covers a wide spectrum: acquiring land on lease; setting up state-of-the-art manufacturing plants for spinning, ginning, yarn manufacturing, and processing; developing modern warehousing and logistics infrastructure; an
Sale of "branded products" from Chinese online fast fashion brand Shein was not banned, though its app was blocked on June 29, 2020, Parliament was informed on Tuesday. Shein was one of the apps to be banned by Ministry of Electronics and Information Technology (MeitY) in June 2020 after tension with China escalated on the Himalayan borders. "Sale of Shein-branded products in India was not banned," Commerce & Industry Minister Piyush Goyal said in a written reply in the Lok Sabha. The country's leading retailer Reliance Retail Ventures Ltd (RRVL) through its subsidiary RRL (Reliance Retail Ltd), has entered into a technology agreement with Roadget Business Pte Ltd, which owns Shein based in Singapore to develop an indigenous e-commerce retail platform, he said. This platform is intended to create a network of local manufacturers and suppliers who will manufacture products under the brand Shein and sell them domestically and globally. "It is expected that this will help in the ...
Textiles major Trident Group plans to invest Rs 3,000 crore in Madhya Pradesh to expand its operations in the state resulting in 3,000 new jobs, its Chairman Rajinder Gupta said on Monday. The Ludhiana-based vertically integrated textiles firm currently has operations involving sourcing cotton to produce finished goods in the state, it said in a regulatory filing. "We ventured into Madhya Pradesh a few years ago and invested Rs 5,000 crore. Today, our finished products from Madhya Pradesh are exported to 122 countries, with demand continually rising," Gupta said while speaking at the Madhya Pradesh Regional Industry Conclave. Looking ahead, Gupta said the group "plans to invest an additional Rs 3,000 crore in the state's textile sector which will expand employment opportunities here at Trident Group from the current 12,000 to over 15,000". He further said, "We are committed to ensuring that the benefits of our operations stay within Madhya Pradesh, from sourcing cotton to producing
The Bihar government is aiming to transform the state into a thriving hub for textiles by creating enabling environment through policy support and better infrastructure, a senior government official said. The state government is making efforts to position Bihar as a crucial player in India's textile and leather industries with the overall objective of generating large-scale employment opportunities. Officials from the Department of Industries recently visited Tamil Nadu to study the textile and leather sector, with a view to gain actionable insights and also forge strategic collaborations, the state government said in a release on Friday. A delegation from the department visited Tiruppur, a global textile manufacturing centre, to engage with leading manufacturers and industry experts. The delegation gathered valuable insights into advanced technologies, efficient processes and best practices that have transformed Tiruppur into a global leader. Alok Ranjan Ghosh, Director of ...
Cotton exports are expected to almost double to 28.50 lakh bales in the 2023-24 season against 15.50 lakh bales in the previous crop year 2022-23, as the average prices of Indian cotton were cheaper in the world market, Cotton Association of India (CAI) said on Tuesday. "Indian cotton was ruling at a much cheaper rate during February-March compared to the global market. During this period, a lot of exports took place, including 20 lakh bales to neighbouring Bangladesh," CAI president Atul S Ganatra told PTI. He said that for the current season, which starts from October 1, the average rate of cotton is Rs 57,500 per candy, while in the previous year, it was Rs 62,500 per candy. Meanwhile, the total production estimated by the CAI Crop Committee for the season 2023-24 stood at 325.29 lakh bales compared to 318.90 lakh bales in the previous season. The cotton imports are now projected at 1.10 lakh bales higher than the previous estimates. CAI has reduced its domestic consumption ...