The rupee saw a 3 paise decline against the dollar this evening, closing at Rs 83.53. Indian stock markets closed with gains for the second consecutive day on Monday, May 13. Sensex rose by 111 points. Whereas Nifty increased beyond 21,100. Due to this, the wealth of stock market investors increased by about Rs 1 lakh crore today. The market had also started today's trading in the red mark, but due to strong buying in the last hour, the indices closed in the green mark. However, there was a mixed trend in the broader market. BSE Midcap Index closed with a gain of 0.36. Whereas the smallcap index fell by 0.23 percent. In the sectoral index, growth was seen in pharma, metal and realty sectors, while decline was seen in auto and energy sectors.Read more :- OCA Reports Growth in Organic Cotton Adoption and Calls for Scaling Efforts
OCA Reports Increased Adoption of Organic Cotton and Requests Scaling of EffortsThe Organic Cotton Accelerator (OCA) has announced substantial progress in the adoption of organic cotton farming during the 2022-2023 season in India and Pakistan, with plans to expand efforts into Türkiye. The organization released its impact report, titled "Organic Cotton’s Time Has Come," highlighting achievements in advancing sustainable practices within the textile industry.Key Highlights from the Report:Increasing Farmer Participation over 70,000 farmers engaged in OCA’s Farm Programme across more than 91,000 hectares of farmland during the season.Industry Support OCA mobilized 16 brand partners and 13 Implementing Partners to support organic farmers on the ground, emphasizing knowledge sharing and capacity building.Improving Farmer Livelihoods OCA prioritizes the financial stability of farmers, ensuring they receive premiums and support, resulting in a 7% increase in net income compared to conventional farming.Focus on In-Conversion Cotton Half of the participating farmers are transitioning to certified organic farming (in-conversion), with OCA aiming to align the procurement rate of in-conversion cotton with certified organic cotton to strengthen the supply chain.Regenerative Agriculture OCA’s Farm Programme extends beyond certification, promoting regenerative farming practices that benefit the environment and address social issues.Data-driven Impact OCA is developing tools like the Life Cycle Assessment (LCA) dashboard to monitor greenhouse gas reductions and biodiversity, ensuring robust social and environmental data collection.Commitment to Decent Work OCA is launching a Decent Work strategy to promote better working conditions on farms.Call to Action:Ruud Schute, Programme Director at OCA, emphasized the transformative potential of organic cotton and called for increased industry adoption and investment to scale organic farming. The report underscores the critical need for brands to procure in-conversion cotton to bolster the organic cotton supply and support the livelihoods of farmers.OCA’s efforts align with industry demands for regenerative agriculture and sustainable sourcing practices, showcasing a comprehensive approach towards positive social and environmental impact within the textile sector.Read more :- Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton
The rupee closed unchanged against the dollar this evening at 83.50.At the end of trading, BSE Sensex closed at 72,664.47, up 260.30 points or 0.36%. Whereas NSE's 50-share index Nifty closed at 22,055.20 with a gain of 97.10 points or 0.44%.Read more :- Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton
The rupee appreciated 2 paise against the dollar this evening, closing at Rs 83.50.At the end of trading, BSE Sensex fell 1,062.22 points or 1.45% to 72,404.17. Whereas NSE's 50 share index Nifty is 345 points orclosed at 21,957.50 with a dive of 1.55%Read more :- Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton
Olam Outbids Dreyfus in the Battle for Namoi CottonOlam Agri Holdings Ltd. has yet again trumped Louis Dreyfus Co.’s bid for Namoi Cotton Ltd., as the two major agricultural traders vie for the Australian cotton producer. The Singaporean-based company will increase its bid for Namoi to A$0.70 a share, three cents higher than LDC’s most recent bid on Tuesday, it said in a statement on Wednesday. Its latest offer values the company at around A$144 million . The traders have progressively raised their offers in recent weeks, and shares in Namoi — the largest Australian-owned cotton processor — have climbed to the highest since 1999.The companies are vying to gain a bigger foothold in Australia’s cotton industry, which is the world’s sixth biggest. Olam Agri acquired Queensland Cotton in 2007 and owns a number of ginning facilities in New South Wales and Queensland. LDC bought Dunavant’s Australian cotton business in 2010 and owns three processing plants in the country.Olam Agri offered A$0.66 cents a share for Namoi late last week, contingent on getting backing from more than half the company’s shareholders. At the time, it said it would pay A$0.70 if it successfully secured at least 90% support. However, that was rebuffed when Rotterdam-based LDC, which currently holds around 17% of Namoi’s shares, said a day later that it wouldn’t accept Olam Agri’s bid. Namoi’s biggest shareholder, Samuel Terry Asset Management Pty Ltd., said in a letter to directors that it supported Olam’s latest bid.Read more : - The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore
The rupee fell by 1 paise to settle at Rs 83.52 versus the US dollar this evening.At the end of trading, BSE Sensex fell 45.46 points or 0.062% to close at 73,466.39. On the other hand, NSE's 50-share index Nifty closed at 22,304.90 with a marginal gain of 2.40 points or 0.011%.Read more :- Initiatives Aimed at Reviving Cotton Production in Africa
The rupee saw a 2 paise decline against the dollar this evening, closing at Rs 83.51.At the end of trading, BSE Sensex closed at 73,511.85, up 383.69 points or 0.52%. Whereas NSE's 50-share index Nifty closed at 22,301.45 with a decline of 141.25 points or 0.63%.Read more :- Pakistan: Government Sets Target of 6.5 Million Cotton Bales
The rupee fell 7 paise to settle at Rs 83.49 versus the US dollar this evening. At the end of trading, BSE Sensex closed at 73,895.54, up 17.39 points or 0.024%. Whereas NSE's 50-share index Nifty closed at 22,442.70 with a decline of 33.15 points or 0.15%.Read more : - The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore
There are plans to open depots in Coimbatore by the Cotton Corporation of India (CCI)The Cotton Corporation of India (CCI) is planning to establish two depots in Coimbatore and nearby areas to facilitate the sale of cotton to spinning mills in Tamil Nadu. This move is part of their efforts to make cotton more accessible to textile mills, particularly in the small and medium-scale sector.The CCI, a public sector entity, has procured a significant amount of cotton from farmers at Minimum Support Price (MSP) during the current cotton season, amounting to nearly 35 lakh bales. They have already sold around six lakh bales of this cotton. By establishing depots in Coimbatore, they aim to streamline the distribution process and provide easier access to cotton for local textile mills.The chosen locations for these depots are Singanallur and Avinashi. The cotton sales will be conducted through e-auctions exclusively for mills registered with CCI. It's estimated that approximately 5,000 bales of cotton will be sold daily from these depots, benefiting MSME spinning mills in Tamil Nadu.One notable advantage for mills purchasing from these depots is the ability to inspect samples and assess cotton quality firsthand, which was not possible when buying from out-of-state warehouses. Additionally, purchasing directly from CCI reduces reliance on intermediaries and can potentially expedite the procurement process.While the volume of cotton sold by CCI remains relatively small compared to private traders, the initiative is expected to significantly benefit MSME mills in Tamil Nadu. The removal of market cess on cotton by the Tamil Nadu government in 2021 further encourages the sale of cotton through CCI depots in the state, making it a more attractive option for local textile manufacturers.Read More :> Pakistan: Government Sets Target of 6.5 Million Cotton Bales
Pakistan: 6.5 million cotton bales are the government's goal.At the third review meeting on cotton crop held at Muhammad Nawaz Sharif University of Agriculture, Punjab's Minister for Agriculture, Syed Ashiq Hussain Kirmani, expressed confidence in Punjab's ability to achieve the target of 6.5 million cotton bales this year.Kirmani underscored the significance of cotton cultivation in Punjab and the government's commitment, directed by Punjab Chief Minister Maryam Nawaz, to revive cotton production in the region.He outlined plans to rejuvenate south Punjab as a leading cotton hub, highlighting cotton's pivotal role in bolstering the national economy.Kirmani assured the utilization of all available resources to meet cotton cultivation and production targets, with various projects underway to usher in a green revolution in the province.He ensured the availability of quality agricultural inputs at fixed prices and instructed the Agriculture Extension and Pest Warning staff to organize monthly activities for efficient management.Furthermore, Punjab Agriculture Secretary Iftikhar Ali Sahoo stressed the regular conduct of Divisional and District Advisory Committees meetings.Kirmani emphasized the importance of implementing technical advisories from the Agriculture department and cautioned against any negligence in guiding farmers.He advocated for digital monitoring of field staff activities in cotton areas and urged them to enhance their professional skills in assisting farmers.Measures to boost the breeding capacity of beneficial insects and postpone chemical sprays on cotton were also recommended.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence
The rupee appreciated 5 paise against the dollar this evening, closing at Rs 83.42.At the end of trading, BSE Sensex closed at 73,878.15, down 732.96 points or 0.98%. At the same time, NSE's 50-share index Nifty closed at 22,475.85, falling 172.35 points or 0.76%.Read more :- Initiatives Aimed at Reviving Cotton Production in Africa
Efforts to Revitalize African Cotton ProductionIn a strategic partnership, Better Cotton and Afreximbank, with support from the World Trade Organization (WTO), are spearheading initiatives to bolster cotton production across Africa, particularly in Nigeria.Recent measures by the Central Bank of Nigeria (CBN) restricting forex access for textile imports have led to a modest resurgence in Nigeria's cotton market.To further amplify production, Afreximbank has introduced the African Cotton Initiative (AFRICOTIN), aimed at invigorating the entire cotton value chain to generate substantial income opportunities for millions across the continent.Afreximbank's commitment is evident with a robust cotton pipeline, including $195 million in textile and cotton Parks in Burkina Faso and textile and garments industrial parks in Nigeria.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence
The rupee fell 4 paise to settle at Rs 83.47 versus the US dollar this evening.At the end of trading, BSE Sensex closed at 74,611.11, up 128.33 points or 0.17%. Whereas NSE's 50-share index Nifty closed at 22,648.20, up 43.35 points or 0.19%.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence
ICE Cotton Sees Dramatic Drop In the midst of market volatility15-Month Low for ICE Cotton prices plunged to a fifteen-month nadir on Wednesday, influenced by declining crude oil prices and the persistent high Federal Reserve interest rates amidst heightened inflation.Price Details The July US cotton contract saw a significant reduction, closing at 76.51 cents per pound, before further dropping to 76.05 cents. From the start of April, this contract has descended by 1,680 points from 93.31 cents. Similarly, the December contract settled at 75.17 cents, down by 918 points over the last month.Impact of Crude Oil and Dollar Index Crude oil's nearly 3% drop due to increased supply and a calmer Middle East significantly impacted cotton prices. The US dollar index, despite its strength, slightly eased after Federal Reserve remarks, offering some support to cotton prices.Market Dynamics trading activity was robust with 56,592 contracts on Wednesday. Open interest for July increased, indicating a rise in speculative short positions.Stock Movements the ICE Cotton exchange began with certified stocks at 183,114 bales, experiencing movements in certifications and awaiting further review of 1,700 bales.Market Outlook the current lower cotton prices benefit mills, yet the volatility makes strategic purchasing challenging. Continued low prices could lead to financial strains for US growers and potentially affect future sowing decisions.Recent Trading Session Updates During Thursday's session, there was a mixed response in cotton prices. The July 2024 contract rose by 0.61 cent to 77.12 cents per pound, while other contracts saw varied adjustments.Read More :> How 5G, AI and a cotton revolution helped China beat US Xinjiang sanctions
In early trade, the rupee opened unchanged against the US dollar at 83.43.The rupee traded on a flat note at 83.43 against the US dollar in early trade on Thursday amid a strong greenback after the American central bank decided to keep interest rate unchanged.Sensex 200 pts up, Nifty Bank above 49,300 markBSE Sensex and NSE Nifty 50 opened flat on Thursday. Sensex opened 91.05 points, or 0.12 per cent lower at 74,391.70 while Nifty opened 37.00 points, or 0.16 per cent lower at 22,567.80.Read More :> Promoting Prompt Payments in Alignment with the Income Tax Act for MSMEs
Embracing Timely Payments in Accordance with I-T Act for MSMEsWith the dawn of the new financial year, Surat's textile sector witnesses a gradual return to normalcy as fresh orders trickle in. Traders exhibit renewed confidence, spurred by the imperative of adhering to payment deadlines mandated by the Income Tax (I-T) Act for MSMEs.In line with statutory requirements, the Federation of Gujarat Weavers’ Welfare Association (FOGWWA) reinforces the importance of honoring a 30-day payment time limit among textile weavers.Under the I-T Act, payments to small and micro industries must be disbursed within 15 days or, with a written agreement, within 45 days. Delays in payment not only pose concerns for traders but also escalate their tax liabilities.Acknowledging this, traders have now embraced the 45-day timeframe, seeking to prevent its normalization. FOGWWA issues a circular, underscoring the necessity for weavers to adhere strictly to the 30-day payment rule.Ashok Jirawala, president of FOGWWA, reaffirms this commitment, emphasizing the cultivation of sound business practices to facilitate seamless transactions for both parties.While acknowledging the customary practice of mutual agreement on payment terms between weavers and traders, Kailash Hakim, president of the Federation of Surat Trade and Textile Associations (FOSTTA), echoes the sentiment that a timely payment framework serves the best interests of the textile industry.Read more :- How 5G, AI and a cotton revolution helped China beat US Xinjiang sanctions
| title | Created At | Action |
|---|---|---|
| This evening, the rupee closed at Rs 83.53 against the dollar with a weakness of 3 paise. | 13-05-2024 23:43:07 | view |
| OCA Reports Growth in Organic Cotton Adoption and Calls for Scaling Efforts | 11-05-2024 19:10:00 | view |
| This evening, the rupee closed at 83.50 against the dollar without any change. | 10-05-2024 23:30:47 | view |
| This evening, the rupee strengthened by 2 paise and closed at Rs 83.50 against the dollar. | 09-05-2024 23:24:22 | view |
| Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton | 09-05-2024 20:01:25 | view |
| This evening, the rupee closed at Rs 83.52 against the dollar with a weakness of 1 paise. | 08-05-2024 23:21:32 | view |
| This evening, the rupee closed at Rs 83.51 against the dollar with a weakness of 2 paise. | 07-05-2024 23:27:51 | view |
| This evening, the rupee closed at Rs 83.49 against the dollar with a weakness of 7 paise. | 06-05-2024 23:33:50 | view |
| The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore | 06-05-2024 17:17:05 | view |
| Pakistan: Government Sets Target of 6.5 Million Cotton Bales | 04-05-2024 01:11:09 | view |
| This evening, the rupee strengthened by 5 paise and closed at Rs 83.42 against the dollar. | 03-05-2024 23:40:37 | view |
| Initiatives Aimed at Reviving Cotton Production in Africa | 03-05-2024 01:16:43 | view |
| This evening, the rupee closed at Rs 83.47 against the dollar with a weakness of 4 paise. | 02-05-2024 23:42:02 | view |
| ICE Cotton Faces Sharp Decline Amid Market Turbulence | 02-05-2024 19:44:51 | view |
| Rupee open flat at 83.43 against US dollar in early trade | 02-05-2024 17:51:37 | view |
| Promoting Prompt Payments in Alignment with the Income Tax Act for MSMEs | 02-05-2024 00:34:09 | view |
