Recent News

Today the rupee opened with a weakness of 3 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 83.31 against the dollar. At the same time, on Tuesday, the rupee strengthened by 14 paise and closed at Rs 83.28 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a rise.Today, BSE Sensex opened with a rise of 221.86 points at the level of 72692.16 points. Whereas NSE's Nifty opened with a gain of 49.25 points at the level of 22053.95 points. A total of 1,976 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 Season

CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 SeasonThe Cotton Corporation of India (CCI) has announced that it has procured 32.81 lakh bales of cotton at minimum support price (MSP) during the ongoing 2023-24 season. The majority of the cotton has been acquired from Telangana, Andhra Pradesh, Maharashtra, and Gujarat.As the government's designated agency for cotton procurement at MSP, CCI intervenes when market prices fall below the MSP level. Last year, CCI did not engage in procurement as market prices remained above MSP. However, this season, prices began to decline from mid-October 2023, prompting CCI to initiate procurement operations.According to a senior CCI official, around 32.81 lakh bales, each weighing 170 kg, have been purchased at MSP so far. Notably, CCI has already sold 3.70 lakh bales of the procured cotton.For the 2023-24 season, the government has set MSP at Rs 6,620 per quintal for medium staple cotton and Rs 7,020 per quintal for long-staple cotton.With cotton prices in the open market currently surpassing MSP, it is unlikely that farmers will sell their produce to CCI. However, the agency remains prepared for procurement if market rates drop below the support price again.The estimated cotton production for the 2023-24 season stands at 323.11 lakh bales, a decrease from the 336.6 lakh bales achieved in the previous season, according to estimates from the agriculture ministry.Read more....👇🏻👇🏻👇🏻👇🏻Growth in China's Cotton Linter Imports

This evening, the rupee strengthened by 15 paise and closed at Rs 83.28 against the dollar.Today Sensex closed at 72470.30 points with a fall of 361.64 points. Whereas Nifty fell by 92.05 points and closed at the level of 22004.70 points.Read more....👇🏻👇🏻👇🏻👇🏻January 2024: Import of Indian cotton yarn in China increases

January 2024: Import of Indian cotton yarn in China increasesTotal Exports Indian cotton yarn exports reached 82,200 tons in January 2024, marking a 29.26% increase compared to the same period last year. However, there was an 8.46% decrease compared to the previous month.Chinese Market China maintained its position as the second-largest export market for Indian cotton yarn. In January, India exported 15,293.08 tons of cotton yarn to China, which is a 15.09% increase from the previous year and a significant 52.69% increase from the previous month.Market Share China accounted for approximately 19% of Indian cotton yarn exports in January 2024, representing an 8% increase from December 2023.Other Markets Bangladesh remained the largest market for Indian cotton yarn, with a share of about 40%, although it decreased by 6% compared to December 2023. Vietnam and Peru tied as the third-largest export markets for India in January, each holding a 5% market share.Export Trends apart from Bangladesh, Peru, Vietnam, and Colombia, the market share of exports to other countries either increased or remained stable compared to December 2023. Brazil saw the largest year-on-year increase in exports to India, up by 189%.Varieties Exported the main varieties of Indian cotton yarn exported to China in January were carded single yarn 8-25s, which accounted for 43.85% of the total export volume, followed by combed single yarn 8-25s and combed single yarn 25-30s.Conclusion Overall, Indian cotton yarn exports saw a year-on-year increase in January 2024, with major markets including Bangladesh, China, Peru, and Vietnam. Exports to China particularly showed significant growth both year-on-year and month-on-month. Carded single yarn 8-25s remained the largest among the four main Indian cotton yarns exported to China.This data suggests a strong demand for Indian cotton yarn in China, with specific preferences for certain varieties, indicating potential areas for further growth and market targeting.Read More....👇🏻👇🏻👇🏻👇🏻Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices

Today the rupee opened with a strength of 8 paise against the dollar.The rupee opened strongly against the dollar today. Today, the rupee opened 8 paise stronger at Rs 83.34 against the dollar. On Friday, the rupee strengthened by 28 paise and closed at Rs 83.42 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 154.62 points at the level of 72677.32 points. Whereas NSE's Nifty opened with a fall of 37.20 points at the level of 22059.55 points. A total of 2,834 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻Growth in China's Cotton Linter Imports

Growth in China's Cotton Linter ImportsChina's cotton linter import market has shown remarkable growth in the first two months of 2024, with import volumes surging more than threefold year-on-year. Imports from India have dominated the market, while imports from the United States have experienced a significant resurgence.Customs data reveals that China imported approximately 7,042.49 tons of cotton linter in February 2024, marking a 22% increase from the previous month and a staggering 344.7% increase compared to the same period last year. The total import volume for January and February combined reached 12,814.1 tons, representing a remarkable 305.1% year-on-year growth.This substantial increase in import volume can be attributed to various factors, including limited domestic supply due to operational constraints in Chinese cottonseed oil mills and delinting plants since the fourth quarter of 2023. Consequently, the demand for imported cotton linter has risen, driving up prices.In February 2024, the average import price of cotton linter stood at $374.55/mt, indicating a 4.05% increase from the previous month and a notable 23.27% increase year-on-year. This rise in prices has been accompanied by an increase in demand for industry-grade refined cotton, particularly cotton linter pulp.India remains the top supplier of cotton linter to China, followed by Brazil, Tanzania, and the United States, which collectively account for nearly 96% of total imports. The surge in imports from India can be attributed to price advantages and the growing demand for refined cotton, with imports from India experiencing a 476.1% year-on-year increase from January to February, totaling 8,671.5 tons.In contrast, imports from the United States witnessed a sharp decline in 2023 due to various factors, including strained Sino-US relations and evolving demand dynamics. However, imports from the United States have rebounded significantly in 2024, with a total of 771.1 tons imported from January to February, representing an 8,476.8% year-on-year growth.Shandong has traditionally been a key region for cotton linter imports in China, with Jiangsu emerging as a significant importer, accounting for 38.6% of imports in January and February 2024.In summary, China's cotton linter import market has witnessed impressive growth in the first two months of 2024, driven by increased demand and limited domestic supply. Imports from India have surged, maintaining their dominance in the market, while imports from the United States have experienced a notable resurgence after a decline in the previous year.Read more....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh

This evening, the rupee closed at Rs 83.43 against the dollar with a weakness of 28 paise.Today Sensex closed at 72831.94 points with a gain of about 190.75 points. Whereas Nifty closed at the level of 22096.75 points with a gain of 84.80 points.Read more....👇🏻👇🏻👇🏻👇🏻Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices

Today the rupee opened with a weakness of 12 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 12 paise at Rs 83.27 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 83.15 against the dollar. There is a need to do business in dollars very wisely, otherwise the investment may be affected.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 176.37 points at the level of 72464.82 points. Whereas NSE's Nifty opened with a fall of 40.05 points at the level of 21971.90 points. Today, trading started in a total of 1,916 companies on BSE.Read  More....👇🏻👇🏻👇🏻👇🏻Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity Prices

Louis Dreyfus Company's 2023 Sales Decline Amid Falling Commodity PricesLouis Dreyfus Company (LDC), a leading global agricultural commodity group, reported a significant 15.5% decline in sales for 2023. This decrease was attributed to a sharp drop in commodity prices amidst geopolitical tensions and climate-related disruptions to trade flows. LDC's 2023 sales fell to $50.6 billion from $59.9 billion in the previous year.Despite the decline in sales, LDC's 2023 EBITDA stood at $2.222 billion compared to $2.347 billion in the previous year, while its net income remained stable at $1.013 billion.The company emphasized its commitment to ambitious growth plans, with capital expenditure increasing by almost 16% year-on-year in 2023.LDC had previously reported a decrease in first-half earnings as agricultural markets stabilized following acute volatility in 2022 amid Russia's invasion of Ukraine.Rival company Bunge also anticipates lower earnings this year due to ample crop supplies limiting margins.Current world food commodity prices are at three-year lows, supported by increased supplies of staples such as cereals, aided by ongoing exports from Russia and Ukraine despite their conflict.Louis Dreyfus Company's financial performance reflects the challenges posed by fluctuating commodity prices and geopolitical uncertainties, despite its ongoing investment in growth initiatives.Read more....👇🏻👇🏻👇🏻👇🏻Textiles Exports Surge by 17% Year-on-Year in February

The rupee strengthened by 1 paise to close at Rs 83.15 against the dollar this evening.Today, the Sensex closed at 72641.19 points with a gain of around 539.50 points. At the same time Nifty closed at the level of 22011.95 points with an increase of 172.85 points.Read more....👇🏻👇🏻👇🏻👇🏻Exporters Seek Exemption from 45-Day Payment Rule to MSMEs

Exporters Seek Exemption from 45-Day Payment Rule to MSMEsIndian exporters, represented by 15 export promotion councils, including the Federation of Indian Export Organisations, are urging for an exemption from a new rule mandating payment to micro and small enterprises (MSMEs) within 45 days.Around 150,000 exporters have raised concerns, stating that the provision will impact their liquidity, considering exports payments often have an average lag of 120 days.The rule, Section 43B(h) of the Income Tax Act, aims to address delayed payments to UDYAM-registered micro and small entities, but exporters are seeking an extension to 120 days.Exporters argue that the move could affect their competitiveness internationally, and they stress the need for a level playing field compared to other countries where credit terms are more generous.Industry representatives highlight challenges, including increased cash flow difficulties amidst geopolitical uncertainties, and propose exempting supplies from MSMEs to exporters from this provision.While acknowledging the importance of timely payments, exporters advocate for a phased reduction in time to address concerns from both sides.The handicrafts industry, facing credit periods of 180 days, finds the 45-day payment rule particularly challenging, given the extended timeframes involved in export shipments and payment realization.Overall, exporters seek exemptions to help them adjust to the new provision and maintain competitiveness in the global market.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry