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Rupee weakened by 2 paise against dollar todayThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 2 paise at Rs 82.86 against the dollar. At the same time, on Thursday, the rupee strengthened by 13 paise and closed at Rs 82.84 against the dollar.Today the stock market opened with a riseToday the stock market opened with a rise, while Nifty made a new all-time high of 22,297 points. Know complete details. After some time, BSE Sensex started trading at the level of 73268.49 points with a rise of about 110.25 points. Later, NSE's Nifty started trading at 22256.80 points with a gain of 39.30 points. Trading started today in a total of 2,935 companies on BSE.Read more...👇🏻👇🏻👇🏻👇🏻This evening, the rupee strengthened by 12 paise and closed at Rs 82.85 against the dollar.

This evening, the rupee strengthened by 12 paise and closed at Rs 82.85 against the dollar.Finally, the Sensex closed at 73,158.24, up 535.15 points or 0.74 percent. At the same time, Nifty closed at 22,217.50 with a gain of 162.50 points or 0.74 percent.

Indian textile industry welcomes removal of import duty on ELS cottonThe Indian textile industry has not only welcomed the move to remove import duty on extra-long staple (ELS) cotton but also hopes that the government will soon realize the need to eliminate duty on other cotton varieties. After this decision, cotton prices in Gujarat market fell by Rs 600 per candy of 356 kg due to immediate pressure on market sentiment. However, prices improved to some extent on Wednesday.The Central Government has removed import duty on ELS cotton. The country is heavily dependent on imports of ELS cotton. At present, around 11 per cent import duty is applicable on raw material used for fine counting of cotton yarn. “This is a worthy step,” said managing director of TT Industries and former president of the Confederation of Indian Textile Industry (CITI). We hope that the import duty on other varieties of cotton will be reviewed sooner or later.The government has to maintain a balance between the competitiveness of the industry and the protection of the farmer through MSP. He said India is a net importer of ELS cotton as the country does not grow enough cotton to meet the requirements. Import duty had made Indian value-added products made from yarn of 60/1 and above expensive. The farmers did not get any benefit. The government has rectified a mistake.“The removal of import duty may provide some relief to the textile value chain of high-end fabrics,” said Bharat Shah, a powerloom owner from Ichalkaranji in Maharashtra. For good quality clothes and garments, the production cost may be slightly reduced. He said that the psychological impact on the market sentiment of cotton may be seen only for a few days. The overall market dynamics will not change due to the government's decision.A leading cotton yarn trader from Delhi said that the consumption of ELS cotton is very less out of the total cotton requirement. Therefore this decision will have very limited impact. It cannot replace Shankar-6 cotton of Gujarat as ELS cotton is very expensive. Trade sources said cotton prices fell by Rs 600 per candy in the Gujarat market on Tuesday after the news broke. Sentiment weakened due to the wait and see policy of cotton buyers. However, prices increased by ₹200 per candy on Wednesday.

*Telangana: CCI procures 12.31 lakh tonnes of cotton*The third picking of cotton is in progress in almost all the cotton growing districts in the State and huge stocks from the first and second picking are still lying with the growersHyderabad: The third picking of cotton is in progress in almost all the cotton growing districts in the State and huge stocks from the first and second picking are still lying with the growers. Overcome by panic due to sudden decision of the CCI to suspend procurement operations at Sadasivapet town last week, farmers started looking forward to the government support for ensuring continued procurement at all centres till the end of the season.The official machinery of the State government reached out to the centres dispelling fears of the growers. The government had written to the CCI seeking steps to continue all its procurement centre as the farmers were still holding more than half of their produce with them.Given the high prices prevailing in the international market, growers were hopeful of further hike in the prices. They are yet to move their stock to the procurement centres. The third picking is expected to add more than 7 lakh tonne to the stocks with the farmers. The CCI had already assured to continue the purchase centres open in collaboration with the State government.The State’s contribution of cotton for the 2023-24 season has been projected to be over 48 lakh bales, which in deed would be the third highest in the country after Gujarat and Maharashtra. Cotton crop was raised in 44.92 lakh acres this season. The CCI had already procured 12.31 lakh tonnes worth Rs 8,569 crore from 5.36 lakh farmers offering the MSP while the private traders purchased over 5 lakh tonnes.The government was offering a minimum support price of Rs 7,020 per quintal for long staple cotton and Rs 6,620 for medium staple cotton. The cases of rejections reported at places, owed mainly to quality issues. Farmers were being asked to ensure that the humidity would not exceed eight per cent in stocks being moved to the market yards.

The rupee closed at Rs 82.97 this evening with a weakness of 1 paise against the dollar.Today, the Sensex closed at the level of 72623.09 points with a decline of about 434.31 points. At the same time Nifty closed at the level of 22055.00 points with a decline of 142.00 points.

CAI retains its January cotton pressing estimate for 2023-24 cotton season at 294.10 lakh balesThe Cotton Association of India (CAI) has retained its January estimate of cotton pressing numbers for the 2023-24 season at 294.10 lakh bales of 170 kg. Total cotton supply by the end of January 2024 is estimated to be 210.05 lakh bales, including arrivals, imports and opening stocks. Cotton consumption by the end of January 2024 is estimated to be 110.00 lakh bales, while export shipment by January 31, 2024 is estimated to be 9.00 lakh bales.CAI has estimated the stock at the end of January 2024 to be 91.05 lakh bales, which includes 41.00 lakh bales with textile mills and the remaining 50.05 lakh bales with CCI, Maharashtra Federation and others. The total cotton supply by the end of 2023-24 season (by September 30, 2024) is estimated to be 345 lakh bales.The Crop Committee of CAI in its meeting on February 20, 2024 maintained the cotton consumption estimate for the 2023-24 season at 311 lakh bales. Cotton pressing estimate for the season is 294.10 lakh bales. Cotton import for the season is estimated at 22 lakh bales and export at 14 lakh bales. The ending stock by September 30, 2024 is estimated to be 20 lakh bales.

Today BSE Sensex opened with a rise.Today, BSE Sensex opened at 73119.05 points with a gain of about 61.65 points. Whereas NSE's Nifty opened with a gain of 21.80 points at the level of 22218.80 points. Today, trading started in a total of 2,123 companies in BSE.The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 5 paise stronger at Rs 82.92 against the dollar. At the same time, on Tuesday, the rupee strengthened by 5 paise and closed at Rs 82.96 against the dollar.

This evening, the rupee strengthened by 5 paise and closed at Rs 82.96 against the dollar.Today Sensex closed at 73057.40 points with a gain of 349.24 points. Whereas Nifty closed at the level of 22197.00 points with a gain of 74.70 points.

Telangana urges CCI to continue cotton purchases to prevent price fallThe Minister for Agriculture in Telangana, Tummala Nageswara Rao, has urged the Cotton Corporation of India (CCI) to continue its cotton procurement in the state. This request comes as farmers still have a substantial quantity of cotton from the 2023-24 kharif season left in their possession.During this season, farmers cultivated cotton in 44.92 lakh acres, with an estimated production of 25.02 lakh tonnes. The CCI, in collaboration with the State government, established 285 cotton purchase centers, purchasing 12.31 lakh tonnes of cotton valued at ₹8,569.13 crore from over 5.36 lakh farmers at the minimum support price. Additionally, private traders acquired 4.97 lakh tonnes of cotton from farmers.There is an anticipated 7.1 lakh tonnes of additional cotton from farmers, with the third picking still in progress in some districts, and some quantity from the first and second pickings still held by farmers. Given the current high demand and prices of cotton in international markets, the Minister emphasized the importance of the CCI continuing its purchases.The Minister highlighted that discontinuing CCI purchases could have adverse effects on market prices for the fiber crop, leading to losses for the farming community. In cases where cotton arrivals have lesser quality, the Minister suggested that the CCI could determine the price based on availability, following established practices.

BSE Sensex opened with weakness todayToday BSE Sensex opened at 72594.77 points with a weakness of about 113.39 points. Whereas NSE's Nifty opened at the level of 22084.50 points with a weakness of 37.80 points. Today, trading started in a total of 2,539 companies on BSE.The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 2 paise stronger at Rs 83.00 against the dollar. At the same time, on Monday, the rupee closed at Rs 83.02 against the dollar without any movement.

This evening, the rupee closed at 83.02 against the dollar without any change.Nifty hits fresh high, Sensex ends 282 pts higherIndian benchmark indices ended Monday’s trade near highs. Sensex inched 281.52 points, or 0.39 per cent at 72,708.16 while Nifty closed 81.55 points, or 0.37 per cent higher at 22,122.25.