Page 4 - Textile Industry

1,000 acres of defunct textile mills in UP to give way for new firms

These defunct units collectively owe liabilities of almost Rs 3,000 crore to different agencies, including financial institutions, and have little chances of revival

From the hub: Shades of distress colour Punjab's weaves and drapes

The second of a three-part series on export slowdown looks at the textile hub in Ludhiana, often referred to as India's Manchester, to understand the setbacks and challenges there

Arvind profit falls 36% in Sept qtr as textiles drag despite low costs

Textile companies have hit a rough patch due to low cotton arrivals, higher import duty and energy costs, and an inventory pile-up, analysts said

Sangam India eyes Rs 4,000 cr revenue by FY25 following Rajasthan expansion

Cotton, PV-dyed yarn and ready-to-stitch fabric producer Sangam India expects to achieve a revenue of around Rs 4,000 crore by 2024-25, following capacity expansion at its seven production units in Bhilwara in Rajasthan, a top company executive has said. "We recorded Rs 2,730 crore revenue in FY23, and this financial year we are expecting to touch Rs 3,000 crore. With our capacity expansion in various product categories, we are targeting close to Rs 4,000 crore revenue by 2024-25," Sangam India Managing Director and CEO S N Modani told PTI over phone. However, in this financial year the company's profit will be impacted as the market is under pressure following global economic conditions, he added. The long-term debt of the company, which employs over 1,200 people, is Rs 600 crore. The company has seven production units in Bhilwara with over 2,36,000 spindles and 3,000 rotors. It manufactures 35 million metres of PV (polyester viscose) fabric and 48 million metres of denim fabric .

Govt approves 18 R&D projects of technical textiles worth Rs 46.74 crore

Union Minister Piyush Goyal on Thursday chaired the 7th meeting of the Mission Steering Group of National Technical Textiles Mission, and 18 R&D projects worth Rs 46.74 crore were approved, according to an official statement. The cleared projects include those under key strategic areas of Geotech, Protech, Indutech, Sustainable Textiles, Sportech, Smart E-Textiles and Meditech segments. The textiles minister said the industry's proactive and robust engagement is essential for the indigenous development of technical textiles in India. Goyal also reviewed the progress of different components of the National Technical Textiles Mission, including review of sanctioned R&D products, R&D projects in Mission mode, formation of a committee for Startups in technical textiles under GREAT Guidelines and certain outreach activities and events. Emphasis should be on R&D for globally highly imported technical textiles items, apart from import-dependent technical textiles items and ...

Home textile industry to see 7-9% rise in revenues this fiscal: Report

Home textile industry's revenues are expected to rise 7-9 per cent this fiscal as the sector regains global share following a correction in domestic cotton prices and restocking by big-box retailers in major overseas markets, says a report. In the last financial year, their revenues had declined 15 per cent. According to the Crisil Ratings report released on Wednesday, operating profitability of the industry will improve 150-200 basis points to 14-14.5 per cent this fiscal, due to lower raw material cost and better operating leverage, but will still hover below the pre-pandemic levels. Improved operating performance will also have the industry maintaining a stable credit outlook despite moderate capex, it noted. The report is based on an analysis of 40 companies, accounting for 40-45 per cent of the sectoral revenues. As much as 70-75 per cent of the industry-wide revenues are from exports, with the US, its biggest market, accounting for more than half of it. After strong headwin

India likely to present incentives for ailing textile by Dec: Trade body

Earlier this month, govt officials reviewed the PLI scheme, launched in 2020, under which govt proposed to offer around Rs 2,400 crore in cash incentives to 14 sectors

Niti Aayog looking at tax related issues of engineering, textile industry

Government think-tank Niti Aayog is looking at tax-related issues, including inverted duty structure in three sectors of engineering, leather, and textiles, an official said on Monday. The issues are likely to be taken up with higher authorities for their resolution to promote the growth of these sectors, the official said. Industry representatives of leather and engineering sectors said that they have shared a list of GST (Goods and Services Tax) and inverted duty structure-related issues with the Niti Aayog. "We expect the government to resolve those issues as it would help in promoting manufacturing and exports from the country," an industry official said. The leather sector has recommended the reinstatement of basic customs duty on the import of wet blue, crust and finished leathers. The exercise assumes significance as these three sectors are labour-intensive and contribute significantly to the country's merchandise exports. The leather and footwear industry employs 4.42 mi

Century Textiles June quarter net profit declines by 62% at Rs 24 crore

The company has acquired significant projects in Pune, Mumbai, and Bengaluru; all ongoing real estate projects are progressing well

India is pioneering sustainable textiles, says Union Minister Piyush Goyal

The Minister said that the Indian textile industry has made a mark in the world with its innovative and attractive products

Grasim, Lubrizol to begin work on Vilayat CPVC resin plant by end of 2023

On October 30, 2020, the two companies announced the plans to launch the initial phase of the plant in 2022, but it was postponed due to the coronavirus pandemic

May textile exports dip over 12% as demand from Europe, US declines

Industry experts, however, foresee a reversal in the declining trend by July owing to moderating cotton prices and inflation in the West

Chinese textiles coming to India to be tested for Azo dyes presence

Textiles and its products coming from China into India will now have to test for the presence of Azo dyes as Beijing has been excluded from the revised exempted list, according to the commerce ministry. The foreign trade policy (FTP) has a list of countries, which are exempted from testing for the presence of this dye in textiles and its articles. The UK has been included in this list, while China was removed. These countries include European Union nations, Serbia, Poland, Denmark, Australia, Canada, Japan, South Korea and the UK. The DGFT has updated the list of countries, which are exempted from testing for the presence of Azo dyes in textiles and textile articles Azo dyes are mainly used in sectors like textile, fibre and leather. Revising the list by amending an appendix of the FTP, a public notice of the Directorate General of Foreign Trade (DGFT) said the "list of countries exempted from testing for the presence of azo dyes in textiles and textiles articles is updated".

PM Mitra mega textile park worth Rs 10,000 cr to come up in Lucknow

The park will be developed on a public-private partnership (PPP) model. Under this plan, infrastructure worth Rs 500 crore will be constructed

Garware Technical Fibres Q4 consolidated PAT up 11% QoQ at Rs 59.6 cr

Technical textiles manufacturer Garware Technical Fibres on Tuesday reported an 11 per cent growth in consolidated profit after tax (PAT) at Rs 59.6 crore during the quarter ended March 31. The company's PAT stood at Rs 53.9 crore during the corresponding quarter of the previous fiscal, Garware Technical Fibres said in a regulatory filing. Revenue from operations of the company witnessed a 3.97 per cent growth at Rs 370.48 crore during the quarter under review, compared to Rs 356.31 crores in the same period of the previous year. "Current quarter results have shown better performance on all fronts. Operating EBITDA margins improved to 21.5 per cent in Q4 FY23 vs 20.6 per cent in Q4 FY22, primarily on account of strong pull from customers for new aquaculture products in Chile and Scotland. "Geosynthetics business has registered excellent growth during the current quarter and overall for the year," Garware Technical Fibres CMD Vayu Garware said. Due to a focused and concentrated ...

Vardhman Textiles' net profit up 52% QoQ; declares Rs 3.5 dividend a share

The company reported a net profit of Rs 749 crore for the financial year 2022-23 (FY23) on a standalone basis

TN CM seeks Centre's mediation for textile sector to follow quality norms

Underscoring the issues faced by the textile industry in respect of compliance with the Quality Control Orders, Tamil Nadu Chief Minister M K Stalin on Saturday sought Union Textiles Minister Piyush Goyal's intervention to protect the industry's interests. Writing to Goyal, Stalin referred to representations from the textile industry expressing reservations on mandatory certification through different Quality Control Orders (QCOs) by the Bureau of Indian Standards (BIS) in respect of various types of man-made fibres and viscose fibre. The QCOs issued by the textiles ministry vis-a-vis Viscose staple fibre give only one month for its implementation. "Later, it was extended by two months to make it effective from 29 March 2023. Similarly, the Polyester Stable Fibre QCO has been made effective from 3 April 2023 by the Ministry of Chemicals and Fertilizers." In respect of Polyester Fully Drawn Yarn (FDY), Polyester Partially Oriented yarn (POY), Polyester Industrial Yarn (IDY), and 100

India can emerge as key player in global technical textiles market: Goyal

According to Goyal, to meet the growing internal and global demand for sustainable and circular products, India is also bracing itself

At least three 'completed' textile parks closed, finds CAG report

Auditor says large number of cancellations defeated the purpose of the scheme

Domestic demand to drive textile sector growth in FY24: CRISIL SME Tracker

In FY24, cotton yarn prices are projected to fall almost 15 per cent due to a high base and subdued export demand. This is expected to hurt price realisation