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Today the rupee strengthened by Rs 4 and closed at 82.89 against the dollar.At the end of trading, the Sensex closed at 73,327.94 with a gain of 759.49 points or 1.05 percent. Whereas Nifty closed at the level of 22097.45 with a gain of 202.90 points or 0.93 percent.

Punjab: Over 25% of Cotton Sold Below Minimum Support PriceAbout 2.46 lakh quintals of cotton, encompassing both narma and kapas, has been procured at rates below the MSP, according to reports.More than 25% of cotton, including desi kapas, has been sold by farmers below the Minimum Support Price (MSP) during the current cotton season in Punjab.According to a report by The Tribune, as of January 6, a total of 9.79 lakh quintals of cotton had arrived in state mandis. The Cotton Corporation of India (CCI) has purchased 1.76 lakh quintals, while private traders acquired 7.98 lakh quintals.Khairat Lal, a cotton grower in Sappanwali village of Abohar told The Tribune he was forced to sell his cotton at much lower rates than the MSP.“I could manage to sell the narma for Rs 6,500 per quintal. Last year, I had sown cotton on five acres, but because of low returns, this year, I cultivated cotton on just one acre, bringing most of my land holding under kinnow and other horticulture crops. However, this year, even kinnow has not been able to give good returns,” he was quoted as saying.The daily added that 2.46 lakh quintals of cotton, encompassing both narma and kapas, has been procured at rates below the MSP. The total cotton cultivation area for this season stands at 1.73 lakh hectares. The MSP for cotton is set at Rs 6,620 for medium staple (narma) and Rs 7,020 for long staple (desi cotton). Despite the initial high prices of Rs 8,351 per quintal for kapas and Rs 8,200 per quintal for narma, the market dynamics have taken a toll. As the cotton supply inundated the mandis, prices plummeted significantly. The lowest price observed was Rs 3,000 per quintal for narma, and for desi cotton or kapas, it reached a minimum of Rs 6,500 per quintal.Wazir Singh, another cotton grower in Abohar, was quoted as saying that the high-velocity winds just before harvesting had damaged the crop as had the pink bollworm attack. “Last year, I got a good price of Rs 7,500 per quintal, but this year, I could get just Rs 6,500 per quintal,” he said.

Cotton farmers have started protesting in Adilabad due to high transportation charges.Cotton procurement from farmers at Adilabad Market Yard began with a delay of about five hours on Friday. Farmers' protest and traders' refusal to buy cotton created a tense atmosphere in the market. Adilabad BJP MLA Payal Shankar and Additional Collector Shyamala Devi intervened and held discussions with officials and traders. The market was closed on Thursday, and with the onset of the Sankranti festive season, a large number of farmers arrived with their cotton produce. Around 2,500 vehicles in the market yard.Although the scheduled time for cotton procurement to begin was 8 a.m., it did not begin until noon. Concerned farmers staged a protest in front of the market yard office. They claimed that the cotton was brought to the market courtyard early in the morning from far-flung places and additional charges were demanded for the waiting time. He also demanded government intervention in the cotton procurement process.On the other hand, traders refused to make purchases citing inability to clear cotton stock from ginning industries citing shortage of lorries. Cotton Traders Association President Raju Chintavar highlighted the consistent increase in transportation prices through lorries in the last three years by lorry owners, despite fluctuating diesel prices. This time, the increase was Rs 4,000, taking the transportation cost from Adilabad to Guntur to Rs 41,000 without loading charges.Chintawar said the direct burden of increased prices fell on farmers as cotton stock prices remained stagnant due to shortage of lorries for transportation. On getting information about the matter, Adilabad MLA Payal Shankar and Additional Collector Shyamala Devi visited the market courtyard and held discussions with traders and protesting farmers. He urged both the lorry association and ginning industrialists to bring any problems to the notice of the administration and the state government and said that farmers should not face problems.

CCI's absence leads to distress selling in Abohar cotton marketBATHINDA: Four times this harvesting season, the Cotton Corporation of India (CCI) has stayed away from Abohar, one of the biggest raw cotton markets in Punjab, over quality issues and has come up with relaxations following protests. This slowed down purchases and created a crisis in sales, which benefited private agencies.Cotton in the season 2023-24 is being sold at up to Rs 4,400 per quintal, while the minimum support price (MSP) is at Rs 6,920 for 27.5-28.5-mm long staple and Rs 6,770 for 26.5-27 mm long staple.The harvesting season is from October to March–April. During this period, farmers occupied the Abohar-Fazilka highway thrice and blocked the gate of Abohar grain market once. Each time, the administration intervened and persuaded CCI to make the purchase. Even on Thursday evening, Fazilka Deputy Commissioner Senu Duggal and Senior Superintendent of Police Manjeet Singh Dhesi mediated between the protesting farmers and CCI, after which the corporation agreed to purchase the crop from Friday. During the days it remained away, about 30,000 quintals of raw cotton was deposited in the Labh market of Abohar, the crop of which also comes from Rajasthan.Punjab State Agricultural Marketing Board estimates that 10 lakh quintals of raw cotton will arrive for purchase by January 12. Of this, private players bought 8.2 lakh quintals or 82% of the stock, while the government agency bought only 18%. Private agencies purchased 2.61 lakh quintals or 26% of the stock below MSP. Cotton grower Gurdev Singh said: "It was a double blow for farmers as cotton coverage in Punjab dropped to the lowest in decades at 1.75 lakh hectares due to two seasons of pest attacks." Fellow cotton farmer Karnail Singh said: “That is why farmers demand legal guarantee of MSP. “How can the government think about diversification under these circumstances?”Fazilka DC Senu Duggal said, “We formed a committee of farmers, CCI officials, representatives of Abohar sub-divisional magistrate and the concerned local station house officer (SHO) to ensure that the cotton procurement is done as per the rules.” A CCI official, on condition of anonymity, said the agency is not purchasing bulk cotton as its quality is below the prescribed standards.

The rupee strengthened by 11 paise to close at Rs 82.92 against the dollar this evening.Today, the Sensex closed at 72568.45 points with a gain of around 847.27 points. At the same time Nifty closed at the level of 21894.50 points with an increase of 247.30 points.

GHCL Textiles signs MoU for investing Rs 535 crore in Tamil NaduGHCL Textiles Ltd, a manufacturer and supplier of 100 per cent combed cotton compact ring spun yarns, cotton open end yarns, 100% synthetic and blend ring spun yarns, vortex yarns and TFO yarns signed an MoU with the Government of Tamil Nadu for an investment of Rs 535 crore, at the just concluded Global Investors Meet 2024. The MoU was signed in the presence of Chief Minister MK Stalin, senior ministers, and officials of the Government of Tamil Nadu. GHCL Textiles was represented by R Balakrishnan, CEO and N Rajagopal, Sr.GM (Technical).The MoU entails investments for capacity expansion as well as investments in renewable energy in Tamil Nadu. Once implemented, GHCL Textile’s total investment in the state will be over Rs 1035 crore and its renewable energy portfolio will expand to 75 MW, it said in a statement. RS Jalan, Director, GHCL Textiles, said, “It is our honor to be a part of the state and India’s growth journey. These investments are in line with our promise to consistently deliver value for our stakeholders through sustained expansion in earnings. Over the next four years, the investments will be used for capacity and product basket expansions, vertical integration of textile manufacturing to include knitted and woven finished fabrics as well as the enhancement of Green energy portfolio. Thus amplifying our value added product basket, accelerating growth and positioning us among the top-tier industry leaders.” GHCL Textiles has a capacity of 2,25,000 ring spindles, 3,320 rotors, 480 vortex and 5760 TFO spindles. With clearly defined quality norms and strict process control, it has the capability to tailor-make products to suit specific applications and service premium buyers in domestic and international markets, the company said.

No fresh orders, polyester weavers in Telangana's Sircilla stare at bleak futureThe textile industry in Rajanna-Sircilla district is facing an acute crisis, which, if not resolved immediately, will spell doom for hundreds of families. Many of the polyester manufacturing units in the district may not resume operations post-Sankranti. At an emergency meeting convened by the Polyester Clothes Association, the organisation’s president Mandala Satyam officially declared the shutdown of power looms.One of the primary reasons cited for this decision was the absence of fresh orders for several months now.Satyam said warehouses are overflowing with lakhs of metres of unsold cloth. This surplus stock left polyester textile manufacturers in a precarious position as they are unable to purchase fresh yarn and sustain production. He said that without the pending dues from the cloth produced being cleared and new orders from the state government, the industry cannot afford to make further investments.The industry experienced a brief period of normalcy following the Bathukamma saree orders. However, the lack of fresh orders for a long time has left thousands of workers, who rely on weaving for their livelihood, without daily employment opportunities. Adding to the industry’s woes is the dissatisfaction among polyester textile manufacturers regarding a recent government decision.The government has indicated that it would allocate orders equally between a textile park equipped with 600 powerlooms and the Sircilla powerlooms, which currently operate around 25,000 units. This decision has created further uncertainty, casting a shadow of doubt over the future of the Sircilla textile industry.Notably, this is not the first time the powerloom sector is about to be shut down. During BRS rule, the polyester cloth industry was shut for a few days with workers demanding power tariff subsidies like those implemented in Maharashtra and Karnataka. However, the demand was later withdrawn after the then textile minister KT Rama Rao’s intervention.

Rupee weakened against dollar today, know how much it weakened The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 5 paise at Rs 83.08 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 83.03 against the dollar. Nifty and Sensex opened with further gains todayToday BSE Sensex opened at 72183.81 points with a gain of about 462.63 points. Whereas NSE's Nifty opened with a gain of 134.60 points at the level of 21781.80 points. Today, trading started in a total of 2,129 companies on BSE.

This evening, the rupee strengthened by 1 paise and closed at Rs 83.03 against the dollar.Today Sensex closed at 71721.18 points with a gain of 63.47 points. Whereas Nifty closed at the level of 21647.20 points with a gain of 28.50 points.

Australia’s Cotton Crop Outlook Improves After Heavy RainsThe outlook for Australia’s cotton crop has improved following a deluge of rain across growing regions last year that prompted some farmers to boost their planting, according to the nation’s industry group.Cotton Australia expects production to be at 4.5 million barrels for 2023-24, the top of its previously estimated range, according to Chief Executive Officer Adam Kay. The group warned in October — prior to rains — that the outlook was mixed due to the onset of El Niño, which typically brings drier conditions.Vast parts of eastern Australia has been inundated by heavy rains and flooding since at least October, including a tropical cyclone that damaged sugar crops in Queensland. The wet weather has benefited so-called dryland cotton producers, which rely on rain and stored soil moisture to support plant growth.Cotton is primarily grown in Queensland and New South Wales, and the harvest typically begins around March or April. In early October, Cotton Australia forecast output of 4 million to 4.5 million bales for 2023-24, compared with 5.5 million bales the previous season.

Cotton farmers block traffic in AboharIn protest against the Cotton Corporation of India’s (CCI) alleged reluctance to purchase of narma cotton at MSP, hundreds of farmers spent last night outside the New Grain Market here, continuing their chakka jam protest.Although talks took place between the administration and CCI officials, the issue could not be resolved. The protesting farmers also made toll plazas on two different stretches of the highway toll-free by coercion.Some administrative officers reached the dharna site and tried to persuade the farmers to end their agitation, but they did not budge. Later, the administration held a meeting with CCI officials but deadlock continued.Sanyukta Kisan Morcha spokesperson Nirmal Singh said that CCI, after an agreement on Saturday, had resumed purchase on Monday, but out of a total 150 stacks, only 27 were selected. Out of these, 17 stacks were rejected when the produce reached the cotton factory. He alleged that CCI staff declared the stacks ineligible for purchase without analysing the produce for quality.CCI procurement officer Gurdeep Singh said purchasing narma cotton is problematic because the crop got affected by pink bollworm and rain. He said CCI's quality conditions for cotton purchase cannot be compromised, and this has led to problems.