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Rupee strengthened by 8 paise against dollarThe rupee strengthened by 8 paise to close at Rs 81.96 against the dollar this evening.Sensex rose 486 pointsToday the stock market has closed at a record level.Today, where the Sensex closed at a level of 65205.05 points with a gain of about 486.49 points.On the other hand, the Nifty closed at the level of 19322.50 points with a gain of 133.50 points.

Welspun India to see 2-fold growth in domestic business by 2026A global leader in home textiles and part of the $2.3 billion Welspun Group, is expecting its home textile business to double from around Rs 650 crore last year to around Rs 2,200 crore by 2026 due to increased demand in India . markets and a better performing economy.The company which currently claims to produce one in five towels in the United States and also holds a major market in Europe, saw a decline in demand last year due to economic issues in these regions. During the last financial year, the company's income fell by nearly 12 per cent to Rs 8,215 crore in 2021-22 from Rs 9,377 crore. The company now aims to increase India's share in the topline from around 8 per cent to around 12-15 per cent by 2026.“Last year, the whole world was going through upheavals. In commodities, cotton prices soared by more than 100 percent, and there was also a container crisis and freight disruption. Now, the overall recovery is happening and it started in the fourth quarter of the last financial year. Q1 and Q2 will be slightly better this year. If we talk about the US economy, it has grown by 2 per cent and inflation is at 5 per cent, which is the lowest in the last 22 months. Certainly, we are seeing that everything is getting easier,'' said Deepali Goenka, CEO & MD, Welspun India.However, the Indian market is turning out to be a bright spot for the company at the moment. The company registered a growth of nearly 30 per cent in the domestic market last year with a turnover of around Rs 550 crore in home textiles, while its flooring business clocked a turnover of Rs 100 crore, taking the total domestic sales to around Rs 650 crore. “Definitely, India will continue to grow. Our emerging businesses are also doing well in India. We expect the India business to reach around Rs 2,200 crore by 2026, while our domestic business is going to exceed last year's around Rs 650 crore,' Goenka said. Apart from India, the regions where the company is betting big are Australia, South East Asia and West Asia.The growth in the Indian market will be driven by the company's strategy of 'Welspun from every home to every heart'. Currently, 31 per cent of the global share of home textiles is coming from the US, 34 per cent from Europe and 35 per cent from the rest of the world. The global home textile market size is expected to grow from around $49 billion now to $60 billion by 2025. The Indian home textile market is now worth around $7 billion. It is expected to reach $10 billion in the next four years. Home textiles has a mix of products and it will all depend on the growth in demand in the Indian market,” he said.

Declining exports: Ministry of Commerce will meet exporters todayAn official said the commerce ministry has convened a meeting of exporters on Monday to take stock of the situation as outbound exports have been coming down for the past four months. Exporters are expected to highlight issues such as providing more support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and the GCC (Gulf Cooperation Council); and allowing industry to double cut the salaries of professionals to retain talent in India.According to the ministry data, exports declined 10.3 per cent year-on-year for the fourth consecutive month to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion.Cumulatively, exports declined by 11.41 per cent to US$ 69.72 billion during April-May in the current fiscal, while imports declined by 10.24 per cent to US$ 107 billion.Sluggish demand in key markets, high inflation in advanced economies and the Russia-Ukraine war are taking a toll on the country's exports.Apparel Export Promotion Council (AEPC) chairman Naren Goenka said more support measures from the government such as participation in global exhibitions would help boost exports.FIEO Director General Ajay Sahay said that the RoDTEP (Remission of Duties and Taxes on Exported Products) scheme will also help boost exports by providing benefits to advance authorisation, special economic zones and export-oriented units.When asked about ways to boost shipments, Sanjay Budhia, Chairman - CII National Committee on Exim and MD - Patton Group, said that in view of the global recessionary trend, a strategic approach is needed to encourage exports. Needed."Resolving the specific issues faced by exporters, especially related to non-tariff barriers affecting supplies in critical markets, should be the primary focus," Budhia said. The pandemic has led to a rethink of strategies for sourcing, diversification of supply routes and manufacturing.He said promoting technology upgradation and innovation in manufacturing processes would also help improve the quality and competitiveness of Indian products, leading to higher exports.Budhia also said that the focus should be on skill development initiatives to enhance the capabilities of the workforce, especially in sectors with export potential."Support should be provided to encourage research and development for modernization of manufacturing processes, skill development, promotion of sustainable practices and enhancing the competitiveness of sectors such as pharmaceuticals, chemicals, textiles and auto and auto components," he added.He said that the focus should also be on boosting quality standards and streamlining regulatory procedures, this could also help India increase its exports in the agriculture and food processing sectors.India is already an agricultural powerhouse with a wide variety of food products, and this should be reflected in its exports.He suggested that India should also set up a trade promotion body with dedicated offices abroad to provide branding and promotional activities as well as marketing services to Indian exporters.He said, this body will help in the areas of trade facilitation, capacity building and awareness generation and help in achieving the desired target of USD 2 trillion by 2030 and making India a global economic superpower.In addition, he suggested facilitation centers for free trade agreements as they would become one-stop points of information on all FTAs by India and would aim to reach exporters to developing markets in FTA-partner countries.Budhia said, “These centers will facilitate better understanding of the provisions of FTAs in goods, services and investment and can help Indian industry to make better use of existing FTAs and benefit from preferential liberalization through capacity building programmes.” Are." ,He said investment in expansion of cold chain network could open up export opportunities for sectors like agriculture, horticulture and pharmaceuticals.The official said representatives of export bodies including Federation of Indian Export Organizations (FIEO), Apparel Export Promotion Council and Leather Export Council are likely to attend the meeting.

For the kind information of members: A meeting of all Spinning Mills Associations of South India held on 1st July at the SISPA office it is decided to:1) Approach IBA by Friday and seek a moratorium on the Term Loan Repayments including the Covid Loans so as to survive the present crisis. (as advised by the Textiles & Finance Ministries and also RBI, when they were approached recently with such a request).2) Request to convert Covid loans from short term to longer term repayment period as these repayment installments are adversely impacting the cashflows in the current crisis scenario.3) Convey to the central & state governments to not give any further incentives to create any new spinning capacity as there is already an excess capacity which is the cause for the current crisis.4) Encourage One India One Policy for textile with respect to Power Tariff and Investment Subsidies to have a level playing field for all states.5) Not increase electricity MD charges any further and also relax the minimum billing rules to allow slowing of productions as it is a necessity due to the poor demand. planning to meet the Hon’ble chief minister & Electricity Minister of Gotn by 2nd week of July & explain to them 6) Discuss to collectively take a decision to curtail productions to match the demand at a healthy levels and also inform the press & media elaborately including by an advertisement if required.It is therefore decided to conduct one more round of consultation meetings this time including the Northern India Mills Associations on coming Tuesday at 4 pm and then give a final shape to the collective action plan to be represented by a suitable delegation.

Delayed rains impact kharif sowing operations by about 30%Farmers pin hopes on rain forecast from July 4; only two districts have over 50% of extent covered against normalThe sustained delay in proper onset and spread of monsoon rain has hit sowing and transplantation operations of the Vanakalam (kharif) crop season by nearly 30% as the State’s average rainfall deficit continues to be very high at 52% and with the district-wise average deficit going up to 78%.According to the Agriculture department authorities, Vanakalam crops have been cultivated on 14.86 lakh acres as of June 28 against 20.82 lakh acres of extent covered by the same date last year — about 28.6% less this year compared to last year.Director (Research) of Prof. Jayashankar Telangana State Agricultural University P.Raghurami Reddy stated that the farming community need not worry about running out of time for sowing operations as many crops could be sown till July 15, and cotton, the major crop for the season, till July 20.However, worries of the farming community are on the rise with the increasing possibility of harvesting short-duration crops such as soybean, green gram and black gram running into the peak monsoon period owing to the delay in sowing operations. They are of the view that delayed sowing also impacts the yield adversely.st year. | Photo Credit: G.N.RaoThe sustained delay in proper onset and spread of monsoon rain has hit sowing and transplantation operations of the Vanakalam (kharif) crop season by nearly 30% as the State’s average rainfall deficit continues to be very high at 52% and with the district-wise average deficit going up to 78%.According to the Agriculture department authorities, Vanakalam crops have been cultivated on 14.86 lakh acres as of June 28 against 20.82 lakh acres of extent covered by the same date last year — about 28.6% less this year compared to last year.Director (Research) of Prof. Jayashankar Telangana State Agricultural University P.Raghurami Reddy stated that the farming community need not worry about running out of time for sowing operations as many crops could be sown till July 15, and cotton, the major crop for the season, till July 20.However, worries of the farming community are on the rise with the increasing possibility of harvesting short-duration crops such as soybean, green gram and black gram running into the peak monsoon period owing to the delay in sowing operations. They are of the view that delayed sowing also impacts the yield adversely.“We can harvest short-duration crops such as green gram, black gram and soybean before September-end, before heavy rains that occur towards the end of the south-west monsoon period, if we sow the seed by the end of June second/ third week,” explains A.Sharnappa, a farmer in Narayankhed mandal of Sangareddy district who cultivates short-duration pulses for the past four decades.Delay in tonset of rains has also impacted the raising of paddy nurseries hampering the State government’s plans to advance the Yasangi (rabi) crop season with early harvesting of Vanakalam crops, particularly paddy, short-duration pulses, maize, and others to prevent the damage of Yasangi crops in unseasonal rains.Agriculture department authorities explained that sowing operations have progressed beyond 50% of the normal extent for the period only in Adilabad (60%) and Kumaram Bheem Asifabad (57.35%) till June 28. In the remaining 30 rural districts, the maximum extent covered against the normal is only 20% each in Narayanpet and Warangal districts, and in others, it ranges from 0.91% to 19.4% of the normal.

Pakistan : Weekly Cotton Review: Market down during Eid holidaysLahore: The cotton market declined during the two Eid al-Adha holidays. Naseem Usman, president of the Karachi Cotton Brokers Forum, said that during the two days of Eid, the local cotton market saw an unusual reduction in rates from Rs 15,00 to Rs 17,00 per head.He said that during these holidays an exceptionally bearish trend was observed in the cotton market.In Sindh, the price of cotton decreased to Rs 16,200 per head, the price of cotton per 40 kg decreased to Rs 6,700 to 7,000. Cotton prices in Punjab range between Rs 16,800 to Rs 17,000 per head while footy costs between Rs 7,200 to Rs 8,500 per 40 kg. It is expected that the prices of cottonseed, khal and oil will also come down.Naseem Usman further said that the reasons for the crash in the cotton market can be attributed to the fall in the dollar rate after the deal with the International Monetary Fund (IMF), increase in electricity and gas tariffs, increase in the arrival of futi and no effect on the crop. Used to be. from the recent rains. It is expected that the bearish trend in the market will continue.

Rupee gains 4 paise at 82.00 against US dollarThe Indian rupee on Monday opened higher by 4 paise against the US dollar amid increased risk appetite and FII inflows into domestic equities. The local unit opened higher at 82 per dollar as compared to its previous close of 82.04.

Rupee strengthened by 2 paise against dollarRupee strengthened by 2 paise to close at 82.04 against the dollar.Sensex up 803 pointsToday the stock market closed with a boom.The Sensex closed at 64,718.56, up 803 points or 1.26 per cent.The Nifty closed at 19,189.05, up 217 points or 1.14 percent.

Pakistan: Cotton market moves strong with trend uptrend.LAHORE: 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 17,500 to Rs 17,800 per head. The rate of footi in Sindh is between Rs 7,000 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is between Rs 18,000 to Rs 18,500 per head and the rate of foot is between Rs 8,000 to Rs 9,200 per 40 kg.About 800 bales of Hyderabad, 800 bales of Mirpur Khas, 2600 bales of Tando Adam, 1200 bales of Sanghar, 600 bales of Shahdadpur were sold for Rs.17,500 to Rs.17,700 per head, 400 bales of Burewala were sold for Rs.18,500. Chichavatni 200 bales, Haasilpur 200 bales, Sadiqabad 200 bales, Miyan Channu 200 bales were sold at Rs 18,500 per head, Khanewal 400 bales at Rs 18,400 to Rs 18,500 per head and 200 bales were sold at Rs 18,500 per head. Murid Wala sold at the rate of Rs 18,500 per head.The spot rate remained unchanged at Rs 17,500 per head. Polyester fiber was available at Rs 355 per kg.

Rupee opens 5 paise higher at 82.01 against the US dollarThe Indian rupee opened 5 paise higher against the US dollar on Friday.  The local unit started trading at 82.01 a dollar as compared to the previous close of 82.06.

New trouble after Rs 15 price hike under the guise of BIS!Foreign yarn companies not registered with BIS, import stopped from 3rdBIS mark is being made mandatory on yarn from 3rd and the price of yarn is likely to increase again due to which there are rumors of price hike. It was also stated by various organizations that preparation was necessary before the yarn was brought under the purview of BIS. From July 3, the supply of high quality yarn coming to Surat or India from abroad will be stopped as no yarn supplier or manufacturer has done so so far. Has been registered with the Bureau of Indian Standards. It will take another 6 months to complete this process. In such a situation, there is a possibility of stalling the production. On the other hand foreign thread will stop coming to India. Yarn prices have increased under the guise of BIS.At present there is a shortage of 40 percent yarn in the market. Most of the yarn comes from abroad. While foreign companies have not got the BIS mark, local investors are taking advantage of it.