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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.

Today the rupee became stronger against the dollar.  The rupee opened strongly against the dollar today. Today, the rupee opened with a strengthening of 1 paise at Rs 83.03 against the dollar. At the same time, on Wednesday, the rupee strengthened by 8 paise and closed at Rs 83.04 against the dollar.Nifty and Sensex opened with further gains today Today, BSE Sensex opened at the level of 71924.82 points with a gain of about 267.11 points. Whereas NSE's Nifty opened at 21699.00 points with a gain of 80.30 points. Today, trading started in a total of 2,061 companies in BSE.

The rupee strengthened by 8 paise and closed at Rs 83.04 against the dollar.Share market closed without any trend, Sensex rose by 272 pointsToday the stock market kept going up and down without any direction. Whenever the stock market went up, there was selling and whenever it came down, there was buying. Sensex closed at the level of 71657.71 points with a gain of about 271.50 points. Whereas Nifty closed at the level of 21618.70 points with a gain of 73.90 points.

Rupee fell against dollar today, opened 6 paise weaker The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 6 paise at Rs 83.18 against the dollar. At the same time, on Tuesday, the rupee strengthened by 2 paise and closed at Rs 83.12 against the dollar.Nifty and Sensex had a flat start today, opened with Today BSE Sensex opened with a fall of 3.01 points at the level of 71383.20 points. Whereas NSE's Nifty opened with a gain of 13.00 points at the level of 21531.80 points.

Stock market closed with gains for the second consecutive dayToday the Sensex closed at the level of 71386.21 points with a gain of about 30.99 points. Whereas Nifty closed at the level of 21544.80 points with a gain of 31.80 points.This evening the dollar fell by 2 paise and closed at Rs 83.12 against the rupee.

Rupee strengthened against dollar today, opened 6 paise stronger The rupee opened strongly against the dollar today. Today the rupee opened 6 paise stronger at Rs 83.08 against the dollar. At the same time, on Monday, the rupee strengthened by 1 paise and closed at Rs 83.14 against the dollar.Sensex and Nifty opened with huge gainsToday, BSE Sensex opened at 71770.91 points with a gain of about 415.69 points. Whereas NSE's Nifty opened at 21640.50 points with a gain of 127.50 points. Today trading started in a total of 2,151 companies in BSE.