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The rupee appreciated 2 paise against the dollar this evening, closing at Rs 83.51.At the end of trading, BSE Sensex closed at 73,104.61, up 328.48 points or 0.45%. Whereas NSE's 50-share index Nifty closed at 22,217.85 with a gain of 113.80 points or 0.51%.Read more :- Government Initiatives to Assist Exporters in Countervailing Duty Cases

Government Proposals to Help Exporters in Cases of Countervailing DutiesThe government is actively addressing countervailing duty challenges faced by exporters through the RODTEP scheme, according to an official statement.This effort gains significance as certain domestic units have faced countervailing or anti-subsidy duties from the US and the European Union.These duties were imposed on products where levies such as electricity duty, VAT on fuel, or APMC taxes were reimbursed under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), which complies with WTO regulations.The official clarified that duties were imposed due to insufficient documentation provided by some units during investigations.To assist exporters, the Ministry of Commerce is facilitating proper documentation through guidance notes from the Directorate General of Trade Remedies (DGTR).Furthermore, a joint verification mechanism involving DGFT, DGTR, and DoR officials is being established to randomly verify units and ensure compliance with duty incidence.This system aims to validate claims made under the RoDTEP scheme, ensuring that reimbursement matches the actual duty incidence.Before imposing countervailing duties, thorough investigations are conducted to identify subsidized products, a practice deemed unfair by the WTO.Imposition of countervailing duties aims to level the playing field for domestic industries without restricting imports.Indian government and exporters have vehemently defended against subsidy allegations, both at central and state levels, during investigations.The RoDTEP scheme, operational since January 2021, refunds unrefunded taxes/duties/levies incurred during manufacturing and distribution of exported products.Implemented by the Central Board of Indirect Taxes and Customs (CBIC), the scheme operates in an end-to-end IT environment, ensuring efficient processing.READ MORE:> Exports of Pakistani Cotton Yarn to China Surge by 65.85%

In early trade, the rupee starts on a flat note versus the US dollar.The rupee opened on a flat note against the US dollar in early trade on Tuesday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.Read More :> China forecasts lower corn, soybean and cotton imports in 2024/25

China anticipates importing less cotton, soybeans, and corn in 2024–2025.China's agriculture ministry forecast an annual decline in imports of corn, soybeans and cotton in its first outlook for the upcoming 2024/25 crop year released on Friday.It forecast lower corn imports in the upcoming crop year at 13 million metric tons from 19.5 million tons forecast for the 2023/24 crop year, amid expectations for a larger growth in production, the Chinese Agricultural Supply and Demand Estimates (CASDE) report showed.The 2024/25 import forecast for soybeans was at 94.6 million tons, versus a forecast of 96.1 million tons for 2023/24."It is expected that the demand for soybean meal will weaken in the later part of this year, and the soybean crushing consumption will be lower than previously expected," the report said.Cotton imports for 2024/25 are expected to drop to 2 million tons.It expects 2024/25 corn production to rise 2.8% to 297 million tons, while soybeans output is expected to drop 1.4% to 20.54 million tons.Read more :- Exports of Pakistani Cotton Yarn to China Surge by 65.85%

Pakistani Cotton Yarn Exports to China Increase by 65.85%In the initial quarter of 2024, Pakistan's cotton yarn exports to China surged by 65.85%, surpassing the $166.37 million milestone.Data from the General Administration of Customs of the People’s Republic of China (GACC) revealed that Pakistan's exports of uncombed single cotton yarn, containing 85% or more, totaled over $99.12 million during this period, a significant increase from $72.70 million recorded in the same timeframe last year. Additionally, imports of cotton yarn rose to $65.78 million, up from $26.28 million in the corresponding period last year.Sajjad Mazahir, General Manager of China Operations at Keywin Trading Ltd, informed the China Economic Net (CEN) that China's growing appetite for Pakistan's cotton textiles stems from the industry's ability to cater to both export and domestic demands. He highlighted Pakistan's transition from being solely export-driven to securing a substantial market share within China's domestic market.Mazahir noted that Pakistan's offerings, including cotton, cotton yarns, and Griege fabric, are favored by many customers due to their competitive pricing and quality.Read more :- Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton

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