Page 3 - Textile Sector

Govt clears 15 R&D projects worth around Rs 32.25 cr in key strategic areas

The 5th Mission Steering Group chaired by Union minister Piyush Goyal on Friday cleared 15 R&D projects worth around Rs 32.25 crore in key strategic areas such as speciality fibre, protective textiles, high-performance textiles, geotextiles, medical textiles, sustainable textiles and textiles for building materials. The projects have been approved by the government under the National Technical Textiles Mission. "Encouraging young engineering minds to pursue technical textiles in India is the need of the hour. A broad guideline under start-up scheme was discussed and may be finalised on priority targeting aspiring innovators, entrepreneurs and young scientists," an official statement said. Addressing the meeting, textiles minister Goyal said leading textile manufacturers and institutes should come together to indigenously develop strategic and high-value technical textile products with support of National Technical Textiles Mission. Among these 15 R&D (Research & ...

Pak textile sector suffers massive financial loss due to power outage

Industries all over Pakistan were halted after the significant power outage since the National Grid's electricity supply to three provinces was interrupted

Textile stocks in focus; Nitin Spinners, Filatex, Lambodhara zoom up to 16%

Lambodhara Textiles hit a 52-week high of Rs 164, surging 16% in the intra-day trade toda. The stock has rallied 30% in the past two trading days

Demand crunch: Textile sector bats for stimulus, cotton import duty removal

There is a shortage of demand for textile goods globally due to the Ukraine-Russia war

India will aim to achieve $100 bn export target for textiles by 2030: Goyal

Citing the case of the FTA negotiations with the United Kingdom, Goyal said the country had a 9 per cent duty on different items and if that goes away, it will benefit the sector, he said

Textile players likely to witness healthy turnover in FY23: Report

Even as macro headwinds impact performance of textile players across segments in the second quarter of 2022-23, the companies are expected to witness a healthy turnover in this financial year, Icra said in a report. Icra said it expects textile companies to report healthy growth in turnover in FY23 while the margins are expected to moderate amidst cost pressures. "In the second quarter of FY23, revenue and margins dipped for the Indian spinners amidst macro headwinds, while for the apparel segment the revenue and margins remained flat, with recessionary conditions in key markets," Icra Assistant Vice-President and Sector Head, Corporate Sector Ratings, Sahil Udani said. Most textile players reported a decline in inventory levels in the second quarter of FY23 after cotton stocks from the previous harvest season started to reduce and cotton prices saw a sharp volatility, resulting in players becoming cautious on buying, he added. According to the report, revenue of spinners had decli

Tax sops for craft paper, textile, pharma units in Madhya Pradesh

The Madhya Pradesh government is leaving no stone unturned to facilitate investment assistance to various sectors

Raymond, Siyaram Silk clock stellar run on strong Q2; eye up to 30% upside

Raymond zoomed 3 per cent on Friday to hit an all-time high of Rs 1,329.90, after having gained 7 per cent in the previous session.

Pakistan's textile units shut down due to shortage of cotton after floods

The already fragile Pakistan economy, hit hard by the devastating floods, now faces the shutdown of textile factories as the cotton crop has been destroyed

'Adverse global conditions present a challenge for textile demand'

Cotton Council International executives say zero tariff regime should continue as it is beneficial to mills

High cotton prices to spoil apparel stocks' outlook in near-term: Analysts

At the bourses, shares of textile stocks like KPR Mills, Welspun India, and Vardhman Textiles have tumbled up to 45 per cent so far this year.

After slow start to 2022, Surat textile industry looks for festive cheer

However, orders have been lower 30% compared with normal between mid-July and early August

GST rule change for small businesses a game-changer for ONDC: Goyal

Goyal said another big advantage is for the small retailers who are very keen to engage with ecommerce

Surat's textile hub consolidated as small players failed to survive GST

This ground report from the diamond city captures the travails of small-scale units

Spreading textile hubs

Govt must focus on downturn in cotton production

Firm cotton prices to keep yarn-spinning stocks in check: Analysts

Analysts expect that the inflated cotton prices will continue to haunt small-sized yarn spinners during the first half of FY23 (H1-FY23). However, a good monsoon season can paint a different story

Page Industries gains 8% on strong operational performance in March quarter

The company said that the sales momentum picked up significantly across all product categories backed by expansion in portfolio and existing network.

Stalin writes to PM Modi seeking relief for beleaguered textile industry

M K Stalin says several units staring at closure, urges mandatory declaration of cotton and yarn stock, easier cash credit limits for mills to buy cotton

Import duty removal on cotton may help bring down prices: Textile Secy

The government's decision to remove import duty on cotton is likely to help bring down prices of the commodity, Textiles Secretary U P Singh said on Thursday. The finance ministry on April 13 waived customs duty on cotton imports till September 30, a move that will benefit the textile industry and keep prices low for consumers. Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry has been demanding a waiver of duty to lower domestic prices. "It would enable people who want to import. We are expecting that within a day or two, you would certainly see the impact on prices going down but at the same time we would not expect the prices to be very low because there is a shortage all over (the world)," Singh told reporters here. In India, cotton crops get affected because of unseasonal rains, and in the US, there were drought-like conditions. "So supply is less, demand is high....import duty

Stocks to Watch: Adani Group, JSW Steel, JSPL, IndiGo, SpiceJet, Textiles

Steel stocks are likely to be in limelight following reports of price hike in April.