The rupee closed unchanged at 84.06 against the dollar this eveningAt the close, the Sensex was up 591.69 points or 0.73 per cent at 81,973.05, and the Nifty was up 163.70 points or 0.66 per cent at 25,128. Around 1952 stocks advanced, 1919 declined and 140 stocks remained unchanged.Read more:- India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected
Rupee rises 4 paise to 84.06 against US dollar in early tradeSensex up 500 pts, at 81,900, Nifty over 25,100; At 10 AM, the BSE Sensex was up 467.29 points, or 0.57 per cent, at 81,848.65, and the Nifty 50 was at 25,099, up 135.15 points, or 0.54 per cent.READ MORE :> India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected
Today evening, the rupee closed at Rs 84.06 against the dollar with a weakness of 9 paise.Now talking about equity benchmark indices, the BSE Sensex today closed at 81,381.36 with a slip of 230.05 points i.e. 0.28 percent and the Nifty 50 closed at 24,964.25 with a fall of 34.20 points i.e. 0.14 percent. Intra-day, the Sensex slipped to 81,304.15 and the Nifty slipped to 24,920.05.Read more:- India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected
India's Textile Sector Is Expected to Grow by $350 Billion by 2030, With Investment of Rs 90,000 CroreIndia’s textile sector is projected to grow into a $350 billion industry by 2030, with over Rs 90,000 crore expected to be invested in the next 3-5 years through initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme, the Ministry of Textiles announced on Thursday.The ministry highlighted that India's textile sector is experiencing robust expansion, with a 11% year-on-year growth in readymade garment exports across all textile categories. The promising August export figures underscore the sector’s bright outlook.Seven PM MITRA parks have been approved across the country, each expected to attract investments of Rs 10,000 crore. These parks are forecasted to generate nearly 1 lakh direct jobs and 2 lakh indirect jobs.Additionally, the PLI scheme is projected to drive investments of over Rs 28,000 crore, with a potential turnover of more than Rs 2 lakh crore. The initiative aims to create around 2.5 lakh jobs by boosting the production of man-made fiber (MMF) apparel, fabrics, and technical textile products, helping the industry scale and achieve greater global competitiveness.The ministry also noted that several major investment plans are in the pipeline, signaling a healthy future for India’s textile industry. India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment ExpectedIndia’s textile sector is projected to grow into a $350 billion industry by 2030, with over Rs 90,000 crore expected to be invested in the next 3-5 years through initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme, the Ministry of Textiles announced on Thursday.The ministry highlighted that India's textile sector is experiencing robust expansion, with a 11% year-on-year growth in readymade garment exports across all textile categories. The promising August export figures underscore the sector’s bright outlook.Seven PM MITRA parks have been approved across the country, each expected to attract investments of Rs 10,000 crore. These parks are forecasted to generate nearly 1 lakh direct jobs and 2 lakh indirect jobs.Additionally, the PLI scheme is projected to drive investments of over Rs 28,000 crore, with a potential turnover of more than Rs 2 lakh crore. The initiative aims to create around 2.5 lakh jobs by boosting the production of man-made fiber (MMF) apparel, fabrics, and technical textile products, helping the industry scale and achieve greater global competitiveness.The ministry also noted that several major investment plans are in the pipeline, signaling a healthy future for India’s textile industry.Read More :> Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
In early trade, the rupee advances 2 paise to 83.96 against the US dollar.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.11 per cent to 102.87 points.Read More :> India's Cotton Imports Likely to Increase in 2024-25 Crop Year
The rupee strengthened by 1 paisa to close at 83.97 against the dollar this evening.On October 10, Indian benchmark indices ended with gains amid volatility with the Nifty hovering around 25,000. At the close, the Sensex was up 144.31 points or 0.18 per cent at 81,611.41, and the Nifty was up 16.50 points or 0.07 per cent at 24,998.50.Read more:- India braces for above – average rains, rising temperatures in October
This evening, the rupee ended the day at 83.96 against the US dollar, unchanged.At the end of the trading session, the Sensex fell 167.71 points or 0.21 per cent to close at 81,467.10 and the Nifty fell 31.20 points or 0.12 per cent to close at 24,982.Read More :- Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
In early trade, the rupee advances 5 paise to 83.92 against the US dollar.The rupee appreciated 5 paise to 83.92 against the US dollar in early trade on Wednesday, ahead of the Reserve Bank of India's monetary policy announcement.READ MORE :> Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
The rupee strengthened by 2 paise to close at 83.96 against the US dollar this evening.At the close of trading, the BSE Sensex rose 584.81 points or 0.72 per cent to close at 81,634.81. The NSE's 50-share index, Nifty, rose 217.40 points or 0.88 per cent to close at 24,817.30.Readmore:- Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
The government sets a goal for 11 states to produce 1,000 kg of cotton per hectare: Giriraj SinghThe government has set an ambitious target to achieve a cotton yield of 1,000 kilograms per hectare across 11 major cotton-producing states, inspired by the successful High-Density Planting System (HDPS) model used in Akola, Maharashtra.The Akola model involves planting more cotton plants per unit area to boost yields. Currently being implemented in Akola, this technique is set to be replicated nationwide in a bid to enhance productivity.India’s current average cotton yield of approximately 450 kg per hectare lags behind global competitors like China, Australia, and Brazil, where yields range between 2,000 and 2,200 kg per hectare.The states targeted for this initiative include Gujarat, Maharashtra, Telangana, Rajasthan, Karnataka, Andhra Pradesh, Haryana, Madhya Pradesh, Punjab, and Odisha.“We have developed a cotton production model based on best practices from Akola. Globally, countries like Japan, Brazil, Australia, and China produce around 2,000-2,200 kg per hectare, whereas India is at 450-500 kg," said Union Minister for Textiles, Giriraj Singh.He also emphasized that the cooperation of all stakeholders in the cotton industry is crucial to achieving these improved yield goals.Read More :- India's Cotton Imports Likely to Increase in 2024-25 Crop Year
In early trade, the rupee climbs 6 paise to 83.94 against the US dollar.At the interbank foreign exchange, the rupee opened at 83.97 against the U.S. dollar and rose to 83.92 before slipping marginally to 83.94, higher by 6 paise from its previous closeRead More :> CCI to Open 33 Cotton Procurement Centres to Support Farmers Amid Price Drop
This evening, the rupee closed 1 paisa lower at 83.98 against the US dollar.At the end of the trading session, the Sensex closed 638.45 points or 0.78 per cent lower at 81,050.00 and the Nifty closed 218.80 points or 0.87 per cent lower at 24,795.80.read more:- CCI to Open 33 Cotton Procurement Centres to Support Farmers Amid Price Drop
33 Cotton Procurement Centers Will Open by CCI to Assist Farmers During Price DropVijayawada Despite growing demand for cotton in the global market, prices in the state have fallen below the Minimum Support Price (MSP), largely due to significant crop damage caused by recent rains and floods. Private traders have seized the opportunity, citing the "inferior" quality of the cotton to offer lower prices.Farmers, who enjoyed substantial profits over the past four years, are now anxious to sell their produce. Factors such as the discoloration of white kapas (raw cotton), shortened staple length, and higher moisture content have contributed to this uncertainty.In response to farmers' concerns, the central government has instructed the Cotton Corporation of India (CCI) to intervene. After years of inactivity due to high market prices, the CCI will open 33 procurement centres to purchase cotton directly from farmers.These centres, including several ginning mills designated by the CCI, will be located across the state. In areas without ginning mills, the new procurement centres will operate within local agriculture market yards.Read More :- India's Cotton Imports Likely to Increase in 2024-25 Crop Year
In early trade, the rupee climbs 2 paise to 83.97 against the US dollar.Sensex climbs over 400 points to 82,106.27Sensex, Nifty, Share Prices LIVE: Sensex climbed 417.82 points or 0.51% to 82,106.27 as at 9.17 am, and Nifty 50 gained 103.90 points or 0.42% to trade at 25,118.50.Read More :> India's Cotton Imports Likely to Increase in 2024-25 Crop Year
India is Expected to Import More Cotton in the 2024–2025 Crop YearIndia is expected to see a rise in cotton imports during the 2024-25 crop year (October 2024-September 2025) due to lower carry-forward stocks and a potential drop in domestic output, driven by reduced acreage. Some traders have already contracted imports for the November-March period, capitalizing on recent low global prices, according to industry insiders.Atul Ganatra, President of the Cotton Association of India (CAI), said, “Imports could reach 35 lakh bales this year.” CAI data shows that India imported 16.40 lakh bales (170 kg each) by the end of August 2023 for the 2023-24 season. The expected increase in imports is linked to a 12-13 lakh hectare decrease in cotton planting. Ganatra also noted that there’s minimal carry-forward stock from 2023-24, with only 30 lakh bales of kapas (unprocessed cotton) from 2022-23 still with farmers. The USDA has forecast India’s 2024-25 cotton output at 24 million bales (480 pounds each), a 7% decline from the previous year's 25.80 million bales, mainly due to lower harvested areas.Landed Costs of Cotton ContractsAs of August, the CAI estimates closing stocks at 23.32 lakh bales by September 30, 2024, compared to 28.90 lakh bales the previous year. Ganatra also confirmed that 7-10 lakh bales have already been contracted for the November-March period. The landed cost of Brazilian cotton (28 mm) for December delivery, including 11% customs duty, is approximately ₹64,880 per bale. Australian cotton (29 mm) costs ₹69,120 per bale, while West African cotton (28.7 mm), which has a 5.5% duty, is priced at ₹63,480 for April-May 2025 delivery.As of October 4, CAI’s spot rates for 28 mm cotton were ₹56,700 per candy (356 kg), down by ₹400, while 29 mm cotton was priced at ₹58,000. On October 3, 37,500 bales were reported across the country, up from 14,800 bales the day before. Total arrivals since October 1 have reached 80,300 bales.Uncertainty Around Crop SizeGanatra cautioned that it is too early to make definitive predictions about the 2024-25 crop size, as recent rains have caused significant damage and delayed the crop by about a month in Maharashtra and Gujarat.Ramanuj Das Boob, Vice President of the All India Cotton Brokers Association, mentioned that around 10 lakh bales had been contracted when ICE futures were around 66-67 cents per pound. Currently, ICE futures are hovering at 72-73 cents per pound. Boob noted that further imports will depend on how Indian cotton prices respond as arrivals increase. Early arrivals have already softened the market.In Karnataka’s Raichur region, daily cotton arrivals range from 3,000 to 5,000 bales, with prices between ₹7,000 and ₹7,700 per quintal. In Telangana’s Adoni, prices range from ₹7,000 to ₹7,400 per quintal, with a high moisture content of around 10%, slowing down purchasing.The minimum support price (MSP) for medium staple cotton is ₹7,121 per quintal, while long staple cotton is priced at ₹7,521. Boob added that despite the reduced acreage, the crop outlook remains positive, though arrivals in Gujarat, Maharashtra, and Madhya Pradesh could be delayed. He expects improvements in arrivals after October 15.Read More :- Maharashtra: 30,000 quintals of cotton arriving in the market every day
This evening, the rupee held steady at 83.97 against the US dollarAt the close of trading, the BSE Sensex plunged 808.65 points or 0.98 per cent to close at 81,688.45. The NSE's 50-share index, the Nifty, fell 200.25 points or 0.79 per cent to close at 25,049.85.Read More :- Maharashtra: 30,000 quintals of cotton arriving in the market every day
| title | Created At | Action |
|---|---|---|
| This evening, the rupee remained steady, closing at 84.06 against the dollar. | 14-10-2024 23:17:50 | view |
| Rupee rises 4 paise to 84.06 against US dollar in early trade | 14-10-2024 17:31:59 | view |
| This evening, the rupee ended at Rs 84.06, depreciating by 9 paise against the dollar. | 11-10-2024 23:39:23 | view |
| India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected | 11-10-2024 19:48:20 | view |
| Rupee rises 2 paise to 83.96 against US dollar in early trade | 11-10-2024 17:23:17 | view |
| This evening, the rupee gained 1 paisa against the dollar, finishing at Rs 83.97 | 10-10-2024 23:47:38 | view |
| The rupee closed unchanged at 83.96 against the dollar this evening | 09-10-2024 23:36:31 | view |
| Rupee rises 5 paise to 83.92 against US dollar during early trade | 09-10-2024 17:32:36 | view |
| This evening, the rupee appreciated by 2 paise against the dollar, finishing at Rs 83.96. | 08-10-2024 23:38:07 | view |
| Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh | 08-10-2024 19:10:41 | view |
| Rupee rises 6 paise to 83.94 against U.S. dollar in early trade | 08-10-2024 17:22:39 | view |
| The rupee weakened by 1 paisa to close at Rs 83.98 versus the US dollar this evening. | 07-10-2024 23:57:27 | view |
| CCI to Open 33 Cotton Procurement Centres to Support Farmers Amid Price Drop | 07-10-2024 18:47:35 | view |
| Rupee rises 2 paise to 83.97 against US dollar in early trades | 07-10-2024 17:53:54 | view |
| India's Cotton Imports Likely to Increase in 2024-25 Crop Year | 05-10-2024 18:25:31 | view |
| The rupee closed unchanged at 83.97 against the US dollar this evening | 04-10-2024 23:24:51 | view |
