Recent News

Possibility of unseasonal rain in Madhya Pradesh and ChhattisgarhUnseasonal rains are expected in many parts of these states between January 1 and 3, which will bring a welcome change and increase soil moisture.This meteorological change can be attributed to the confluence of two wind systems. The lower level easterly winds will meet their north-western counterparts, creating favorable conditions for rainfall. Additionally, a cyclonic circulation forming over northwest India will interact with humid winds coming from the Bay of Bengal, further increasing the chances of rain.The good news is that rainfall is expected to be light and widespread, reducing the risk of flooding or disruption. However, this will result in a significant increase in soil moisture, which may prove beneficial for upcoming agricultural cycles.While the minimum temperature may increase due to increase in clouds and greenhouse effect, the maximum temperature is expected to drop slightly. It provides a pleasant respite from the usual winter cold, providing both warmth and moisture to the area.By January 5 the rains will end, leaving behind a fresh landscape and new hopes for bountiful weather. So, Madhya Pradesh and Chhattisgarh, gear up for a unique January surprise as the rain dances in, bringing a touch of unexpected magic to your winter days.

This evening, the rupee closed at Rs 83.21 against the dollar with a weakness of 4 paise.Today the Sensex closed at the level of 72240.26 points with a fall of about 170.12 points. Whereas Nifty closed at the level of 21731.40 points with a fall of 47.30 points. Apart from this, a total of 3,891 companies were traded in BSE today, out of which about 2,029 shares closed with gains and 1,739 shares closed with decline. There was no difference in the share prices of 123 companies. Today 337 stocks have closed at their highest level in 52 weeks.

This evening, the rupee strengthened by 18 paise and closed at Rs 83.16 against the dollar.Today the Sensex closed at 72410.38 points with a gain of about 371.95 points. Whereas Nifty closed at the level of 21778.70 points with a gain of 123.90 points. These closing levels of Nifty and Sensex are all time high.

Merchant ship attacks spike textile export freight costsRed sea is one of the busiest trade routes that connects Europe and Asia, but the recent attacks have forced merchants ships to take the circuitous route around Africa adding an extra 6,000 nautical milesThe deteriorating situation in the past week following Hamas-supporting Houthi rebels attacks on merchant ships in the Arabian Sea has raised freight rates by 40% with the possibility of this going up, say India’s textiles traders.Red sea is one of the busiest trade routes that connects Europe and Asia, but the recent attacks have forced merchants ships to take the circuitous route around Africa adding an extra 6,000 nautical miles and an additional 15 days to the transit time leading to steep increase in freight rates and insurance premiums, said Badresh Dodhia, chairman of the Synthetic and Rayon Textiles Export Promotion Council.Most of India’s of textile and clothing shipments pass through the Suez Canal, and while freight rates had stabilised in recent months after witnessing spikes during the COVID-19 years, fears are rising in several sectors of a similar situation now.Mr. Dodhia urged the Government to support the textile and clothing exporters with higher duty drawback on schemes like the Rebate of State and Central Taxes and Levies and Remission of Duties or Taxes on Export Products to better manage the current situation.

MSMEs in Coimbatore, Tiruppur form human chain demanding reduction in power chargesThousands of people from the Micro, Small and Medium-scale Enterprises (MSMEs) sector formed a human chain in Coimbatore city on Wednesday demanding revision of fixed power charges.The Tamil Nadu Industrial Electricity Consumers Association had called for a State-wide protest on Wednesday demanding downward revision of fixed power charges, withdrawal of peak hour charges and withdrawal of networking charges for rooftop solar energy generation.J. James, co-ordinator for the association, said fixed charges have increased from ₹3,500 a month to ₹17,000. “The government’s stand to not reduce the charges will result in a washout of the MSMEs in the State. The MSMEs staged human chain protest in 25 districts in the State on Wednesday. In Coimbatore, not just the unit owners, but their family members and workers also took part. AIADMK MLAs Amman Arjunan and K. R. Jayaram, former MLA M. Arumugam (CPI) and several other political leaders participated in Coimbatore,” he said.Members of as many as 23 industrial associations took part in the protest in Coimbatore. They held placards and shouted slogans demanding reduction in power charges.In Tiruppur, members of as many as 38 industry organisations formed human chains at vantage locations. The participants displayed placards highlighting the debilitating impact of the peak hour charges on the productivity and output in the textile domain.

Cotton procurement by CCI in the state acceleratedAmid a surge in cotton arrivals and low prices in the spot markets of Madhya Pradesh, there has been a pick-up in cotton procurement by the Cotton Corporation of India (CCI), a nodal agency set up under the Textiles Ministry for trading and procurement of cotton. pick up speed.CCI has procured about 55,000 bales (1 bale is 170 kg) of raw cotton till December 25 at the minimum support price (MSP) set by the government.The MSP for medium staple cotton is Rs 6,620 per quintal while for long staple cotton it is Rs 7,020 per quintal.“We have procured 55,000 bales of cotton so far in the state,” said a CCI official on condition of anonymity. Cotton arrivals have increased in spot markets and we will continue purchasing as long as prices remain low or around MSP. We are purchasing produce from farmers as per standard quality parameters and farmers should not panic after seeing low prices.Cotton traders said that the daily arrival of cotton in the spot markets of Madhya Pradesh is estimated to be 40,000 quintals, of which more than 60 percent is procured by CCI. The nodal agency is purchasing raw cotton from farmers after checking the moisture content and other quality parameters of the produce.CCI has established 21 procurement centers in Madhya Pradesh. Most of these centers were established in Nimar and Malwa region like Khargone, Khandwa, Kukshi, Dhamnod and other trading centres. CCI gives the purchased produce to contracted ginning units for processing in every state.Kailash Aggarwal, a cotton farmer and owner of ginning units in Khargone, said, “Due to the fall in prices, farmers have increased the supply of cotton in the spot market, but most of the supply is going to CCI and only limited quantity is going to the market for traders. She is coming." , Quality produce is purchased by CCI.The Cotton Association of India (CAI) in its crop estimate for November has estimated cotton production in Madhya Pradesh to decline to 18 lakh bales from 19.5 lakh bales in the previous season.

This evening, the rupee closed at Rs 83.34 with a weakness of 15 paise against the dollar.Today Sensex closed at 72038.43 points with a rise of 701.63 points. Whereas Nifty closed at the level of 21654.80 points with a gain of 213.50 points. Apart from this, a total of 3,914 companies were traded in BSE today, out of which about 1,992 shares closed with gains and 1,812 shares closed with decline. There was no difference in the share prices of 110 companies. Today, 361 stocks have closed at their 52-week high.

China's 2023 cotton production is 5.618 million tonsChina's cotton production this year stood at 5.618 million tonnes, official data showed on Monday, down from 2022 partly due to adverse weather conditions in the key producing region.According to the National Bureau of Statistics (NBS), annual production was down 6.1 percent from the previous year, while the total cotton area area was down 7.1 percent to 2.7881 million hectares. Meanwhile, the national average production per hectare increased by 1.1 percent.NBS official Wang Guirong said Xinjiang, the country's largest cotton-producing region, experienced unsatisfactory weather conditions such as low temperatures and excess rainfall in the spring and long-lasting heat in the summer, with low yields in areas with low yields. I. Slight decline in per hectare production.Crops per hectare in the Yangtze River basin increased due to a low foundation due to persistent high temperatures and drought last year, while production per hectare also increased in planting areas along the Yellow River due to better management, Wang said.

This evening, the rupee closed at Rs 83.19 against the dollar with a weakness of 5 paise.Today Sensex closed at 71336.80 points with a rise of 229.84 points. Whereas Nifty closed at the level of 21441.30 points with a gain of 91.90 points.

New cotton prices fall due to fewer buyersIncrease in cotton supply in the spot markets amid decline in buying from textile mills has pushed down the prices of new season cotton, leading to increased buying by the Cotton Corporation of India (CCI).Cotton traders said the daily arrival of cotton in the spot markets of Madhya Pradesh is estimated at 40,000 quintals, of which more than 60 percent is procured by CCI.Kailash Aggarwal, a cotton farmer and owner of ginning units in Khargone, said, “This is the peak season when mills buy cotton in bulk, but this time the demand has gone down and this has left ginners with huge stocks. “Supply is abundant in spot markets but buyers are few.”Traders said, CCI has started procurement since last one month, but it has increased in last one week amid surge in arrival of farmers.Most of the quality produce is purchased by CCI from farmers at minimum support price, he said. Traders said the decline in demand for cotton has increased the concerns of farmers and ginners. Traders said cotton was trading at Rs 54,000 per candy in the spot markets of MP, while in October it was Rs 62,000 to Rs 63,000 per candy.

This evening, the rupee strengthened by 14 paise and closed at Rs 83.14 against the dollar.Today the Sensex closed at 71106.96 points with a gain of about 241.86 points. Whereas Nifty closed at the level of 21349.40 points with a gain of 94.40 points. Apart from this, a total of 3,883 companies were traded in BSE today, out of which about 2,443 shares closed with gains and 1,317 shares closed with decline. There was no difference in the share prices of 123 companies. Today, 241 stocks have closed at their 52-week high.