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Rupee falls 3 paise to open at 82.01 against the US dollarThe Indian rupee opened 3 paise lower against the US dollar on Friday amid broader strength in the greenback. The local currency opened at 82.01 a dollar as compared to the previous close of 81.98.ऑल टाइम हाई से फिसला सेंसेक्स  476 अंक टूटकर खुलाआज  शेयर मार्किट गिरावट के साथ खुला। आज बीएसई का सेंसेक्स करीब 476.16 अंक की गिरावट के साथ 67095.74 अंक के स्तर पर खुला। वहीं एनएसई का निफ्टी 123.90 अंक की गिरावट के साथ 19855.30 अंक के स्तर पर खुला। आज बीएसई में शुरुआत में कुल 2,438 कंपनियों में ट्रेडिंग शुरू हुई। 

Rupee strengthened by 11 paise against dollarThe rupee strengthened by 11 paise to close at Rs 81.98 against the dollar this evening.Sensex up 474 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 67571.90 points with a gain of about 474.46 points.On the other hand, Nifty closed at 19979.20 points with a gain of 146.00 points.

Tamil Nadu Chief Minister writes to PM Modi regarding the spurt in cotton prices; Urges to withdraw import duty for relief to MSMEsEase of doing business for MSMEs: Tamil Nadu Chief Minister MK Stalin on Wednesday wrote to Prime Minister Narendra Modi, drawing his attention to the 'sharp' rise in cotton prices and also to roll back import duty to provide relief to them. the requested. According to a PTI report, MSME. Stalin said high cotton prices, increase in operational costs including bank interest rates and poor demand have affected the sector."The spinning sector with 1,500 mills and around 15,000 employees was one of the important engines of Tamil Nadu's industrial economy," Stalin said.According to the Chief Minister of Tamil Nadu, the spinning sector played a significant role in Tamil Nadu's industrial economy, with 1,500 mills and a workforce of approximately 1.5 million employees.He said the sector is in "such grave trouble that the spinning mill association has announced to stop production from July 15, 2023." The minister said repayment of loans provided under the Emergency Credit Line Guarantee Scheme (ECLGS) to MSMEs has begun, "which has become an additional burden on the spinning mills and increased the cost of production."Another factor that set India apart from international competitors was the 11 per cent import duty on cotton, reported PTI.Stalin also recalled the earlier request for increasing the cash credit limit of spinning mills from the existing 3 months to 8 months for buying cotton as well as reducing the margin money demanded by banks from 25 per cent to 10 per cent. percentage of the purchase price.“I request the Central Government to provide financial assistance under ECLGS to MSMEs in textile sector by extending the moratorium by one more year. Existing loans can be restructured under ECLGS, converting them into six-year term loans, and new loans can be provided under ECLGS, reducing the regular banking interest rate,” he PM Modi. said, as reported by PTI.Stalin appealed to the government to consider temporarily banning the export of waste cotton to meet the supply crunch faced by open-end spinners who fall under the category of micro enterprises.

Pakistan: Mills raise their hands on quality cottonLAHORE: The local cotton market remained firm on Wednesday with satisfactory trading volume. Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,400 to Rs 17,600 per head. The rate of footi in Sindh is between Rs 7,500 to Rs 7,900 per 40 kg.The rate of cotton in Punjab is between Rs 17,800 to Rs 18,000 per head and the rate of cotton is between Rs 7,500 to Rs 8,600 per 40 kg. Cotton rates in Balochistan range from Rs 17,300 to Rs 17,500 per head while footy rates range from Rs 7,500 to Rs 7,700 per 40 kg.For the first time in the country's history, the collective cotton production figures have been released in the month of July instead of September, which is expected to record cotton production in the country this year.A total of 858,000 bales have arrived at ginning factories across the country as of July 15, according to data released by the Pakistan Cotton Ginners Association (PCGA). Of them, 659,134 bales reached Sindh and 198,873 bales reached ginning factories in Punjab.The PCGA report shows that textile mills have purchased 691,731 bales till July 15, 1,000 bales have been exported and 165,276 salable bales are available with factories. Contrary to the previous practice of releasing the first cotton data in September, this year the data has been shared on July 18.Khair Pur sold 600 bales at Rs 17,400 per head, Daur 600 bales at Rs 17,200 to Rs 17,300 per head, Shahdad Pur 1400 bales at Rs 17,200 to Rs 17,400 per head, Nawab Shah 800 bales, Shah Pur Chakar 800 bales at Rs 17 per head Yes. Rs 200 to Rs 17,300 per head, Tando Adam 2200 bales Rs 17,000 to Rs 17,275 per head, Lidharan 800 bales Rs 17,775 to 17,800 per head, Harunabad 1200 bales Rs 17,750 to Rs 17,800 per head, 10 Alipur 0 Bales, 3200 bales of Burewala, 200 bales of Rahim Yar Khan, 200 bales of Bahawalpur, 200 bales of Peer Mahal, 600 bales of Haasilpur, 200 bales of Ahmed Pur Purvi, 200 bales of Faridpur, 200 bales of Jhang Rs.17,700 per head, 600 bales of Toba Tek Singh were sold. Sold at Rs 17,550 per head, Miyan Channu 800 bales at Rs 17,700 to Rs 17,800 per head, Fakir Wali 400 bales at Rs 17,775 per head, Laya 1200 bales at Rs 17,700 to Rs 17,7750 per head were soldThe spot rate remained unchanged at Rs 17,300 per head. Polyester fiber was available at Rs 345 per kg.

Rupee opens 7 paise higher at 82.02 against the US dollarThe Indian rupee opened 7 paise higher against the US dollar on Thursday tracking gains in Asian peers. The local currency opened at 82.02 a dollar as compared to previous close of 82.09.

Rupee weakens by 6 paise against dollarThis evening, the rupee closed at a level of 82.09 against the dollar with a weakness of 6 paise.Sensex rose 302 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 67097.44 points with a gain of about 302.30 points.On the other hand, the Nifty closed at a level of 19833.20 points with a gain of 83.90 points.

China to implement state cotton reserves sales in late July, 2023To meet cotton textile enterprises' demand, China Reserve Cotton Management Co., Ltd announced on Jul 18 that it would organize to sell some reserved cotton from late Jul, 2023. The the daily selling volumes will be arranged according to market situation.The base selling price of reserved cotton is dynamically determined according to the market conditions, and it is generally linked to the Chinese domestic and international spot cotton prices. The calculation is showed below.Formula:Base selling price (cotton type 3128B)=average price of prior week's domestic cotton prices*50%+average price of prior week's international cotton price*50%.1. Domestic cotton price=(China Cotton Index+CNcotton)/2;2. International cotton price=Cotlook A Index (converted to USD per ton)*exchange rate*(1+1%import duty)*(1+9%VAT)3. The exchange rate is the benchmark exchange rate of the foreign currency against the RMB announced by the People's Bank of China, based on the customs taxation method and the third Wednesday of the previous month (if it is on public holiday, the fourth Wednesday is postponed).

"Discussion regarding spinning industries in Tamil Nadu government's special meeting on Friday"The Tamil Nadu Textiles Department has called a meeting with the spinning industries in the state on Friday to discuss various issues being faced by the sector. The meeting took place in the backdrop of production strike by Coimbatore-based MSME units and open end spinning mills in protest against high electricity charges.A letter written by the department to the six spinning unions said the meeting would be chaired by state Finance Minister Thangam Thennarasu and in the presence of the Minister for Handlooms and Textiles. These are the South India Spinners Association; Indian Spinning Mill Owners Association (OSMA); Open-End Spinning Mills Association; Recycle Textile Federation and SIMA – all five are based in Coimbatore and Tamil Nadu Spinning Mills Association is based in Dindigul.  The spinning mills in the major production hub of Coimbatore are going through a crisis. The Open-End Spinning Mills Association – a technique for making yarn without using open-end spinning spindles – whose members resorted to a production strike from July 10, while MSME mills in the textile city stopped production and sale of yarn from July 15. Did it Because of the heavy losses they have caused. raw material exportOSMA President G Arulmozhi told BusinessLine that exports of cotton waste, the main raw material of open-end spinning mills, should be restricted through levying export duty and they should be made available to domestic open-end spinning mills. He said that the interest on bank loan should be reduced to 7.5 per cent as the entire textile sector is in big trouble.He said that the main raw material of OE spinning mills is cotton waste, and exports should be restricted by imposing export duty and they should be made available to domestic OE spinning mills.There are 600 open end spinning mills in Tamil Nadu. These mills produce 25 lakh kg of gray cotton yarn from cotton waste and 15 lakh kg of colored yarn from used plastic pet bottle fibre. He said these mills provide employment to about one lakh direct workers and another two lakh indirectly producing goods worth about Rs 27,000 crore. He said that there could be a loss of Rs 30 crore per day due to the production strike.Demand charges During the meeting Tamil Nadu Spinning Mills Association (TASMA) will urge the state government to invoke Section 108 of the Electricity Act 2003, to make HT consumers pay monthly demand charges to the extent of 20 per cent of their sanctioned amount only. Claiming call fee up to the demand or only the demand recorded and not invariably at 90 per cent level. This will help industry to pay exact demand charges to the extent of their recorded demand and help industries to come out of their distress as an immediate measure till normalcy is achieved.“At the meeting, we urge the state government to put in its good offices to pressurize the Center to remove 11 per cent import duty on cotton imports and to restructure the loans of the mills to come out of this unprecedented situation. Advise RBI to issue suitable policy circular.

Pakistan: Prices firm up amid brisk activity in the cotton marketLAHORE: The local cotton market remained stable on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,200 to Rs 17,400 per head. The rate of footi in Sindh is between Rs 7,300 to Rs 7,600 per 40 kg.The rate of cotton in Punjab is between Rs 17,600 to Rs 17,700 per head and the rate of cotton is between Rs 7,200 to Rs 8,000 per 40 kg. Cotton rates in Balochistan range from Rs 17,200 to Rs 17,300 per head, while footy rates range from Rs 7,200 to Rs 7,700 per 40 kg.About 8,000 bales of Tando Edam were sold at Rs 17,000 to Rs 17,500 per head, 600 bales of Daur were sold at Rs 17,300 to Rs 17,700 per head, 800 bales of Khadro at Rs 17,300 to Rs 17,500 per head Sold, 32, 00 Shahdad Pur 00 bales sold at Rs 16,800 to 17,500 per head, Sanghar 400 bales at Rs 17,000 to 17,300 per head, Hala 400 bales at Rs 17,400 per head, Nawab Shah 1200 bales sold at Rs 17,200 to 17 Rs.400 per Man, 1600 bales of Mirpur Khas, 1000 bales of Shahpur Chakkar sold at Rs.17,000 to Rs.17,400 per mand, 600 bales of Hyderabad sold at Rs.17,000 to Rs.17,200 per mand, 400 bales were sold. In Yazman Mandi, 400 bales of Ahmad Pur East were sold at Rs 17,200 per maund, 400 bales of Rahim Yar Khan, 400 bales of Khan Pur were sold at Rs 17,800 per maund, 1600 bales of Burewala were sold at Rs 17,650 to Rs 17,700 per maund . Per head, 1200 bales of Chichavatni, 600 bales of Gojra were sold at the rate of Rs.17,700 to Rs.17,800 per head, 1400 bales of Harunabad at Rs.17,700 per head, 1200 bales of Haasilpur at the rate of Rs.17,700 to Rs.17,800 per head. 800 bales of Khanewal were sold at Rs.17,800 to Rs.18,000 per head, 1600 bales of Layya at Rs.17,675 to Rs.17,800 per head, 1600 bales of Lodharan at Rs.17,700 per head, 800 bales of Miyan Channu were sold. 17,700 to Rs 18,000 per head, 600 bales of Mongi Bungalow, 600 bales of Murid Wala at Rs 17,700 per head, 400 bales of Pir Mahal at Rs 17,600 to 18,000 per head, 400 bales of Shujabad were sold. 17,600 per head and 800 bales of Vehari were sold at Rs.17,800 to Rs.18,000 per head.The spot rate remained unchanged at Rs 17,300 per head. Polyester fiber was available at Rs 345 per kg.

Rupee opens 7 paise lower at 82.10 against the US dollarThe Indian rupee opened 7 paise lower against the US dollar on Wednesday amid a firm greenback. The local currency opened at 82.10 a dollar as compared to previous close of 82.03.Sensex again at all time high with a gain of 231 pointsToday again Sensex and Nifty have made all time high in the stock market. This is the fourth consecutive day when the stock opened at an all-time high. Today, the BSE Sensex opened at a level of 67026.28 points with a gain of 231.14 points. On the other hand, NSE's Nifty opened at 19815.30 points with a gain of 66.00 points. A total of 1,606 companies opened for trading on BSE today.

Rupee strengthened by 1 paise against dollarThe rupee strengthened by 1 paise to close at Rs 82.03 against the dollar this evening.Sensex up 205 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 66795.14 points with a gain of about 205.21 points.On the other hand, the Nifty closed at the level of 19749.30 points with a gain of 37.80 points.