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Small scale spinning mills decides to stop buying cottonThe constant increasing prices of cotton are leaving its impact on every sector. The small sized spinning mills deny buying cotton to make yarn for weaving purpose. They announce to close their operations until the price drops to a considerable level.They also accused the big traders and MNCs of hoarding and speculation even in the time of crop crisis.Cotton prices increases to more than 120% in a year and is costing 1.10 lakh per candy currently. Smaller spinning units whose turnover is less than Rs 50 Cr find it extremely difficult to afford the crop at current rates.South India Spinning Association (SISPA), president, J Selvan, asserts that they are lacking of working capital to purchase cotton. As the cotton prices increased to 53% since January, we could raise the price of yarn merely by 21%, he added.Jagdish Chandran, secretary of SISPA alleged that big trading firms and large MNCs had stocked much of the cotton at the start of season and now increasing rates on almost regular basis.The end user that is the customer is no exception in getting affected by such soaring prices. They are spending 7-10% more for their casual summer apparels and will approximately pay 15-20% higher in the festive season.

Sensex rises further, opens up 253 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 253.44 points to open at the level of 54306.05. On the other hand, the Nifty of NSE opened with a gain of 73.60 points at the level of 16198.80 points.

Rupee opens 5 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 5 paise at Rs 77.53 against the dollar. At the same time, on Tuesday, the rupee declined by 7 paise to close at Rs 77.58 against the dollar.

Rupee slips 4 paise to close at 77.59 against US dollar.Sensex falling 236 points close.Sensex 236 points or 0.43 per cent to settle at 54,052.61. During the day, it hit a low of 53,886.28 and a high of 54,524.37. NSE Nifty dropped 89.55 points or 0.55 per cent to end at 16,125.15.

All India Weather Forecast for May 24, 2022Countrywide weather systemsAnother Western Disturbance is over North Afghanistan and adjoining areas.A Cyclonic Circulation is persisting over Northwest Rajasthan.A trough is extending from a cyclonic circulation over Northwest Rajasthan to Gangetic West Bengal across South Haryana, South Uttar Pradesh, South Bihar and Jharkhand.A Cyclonic Circulation lies over Odisha Coast and adjoining area.Another Cyclonic Circulation is persisting over Southwest Uttar Pradesh.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain occurred at isolated places over Andaman & Nicobar Islands, Lakshadweep, parts of Meghalaya, North-West Uttar Pradesh and Interior Odisha and Haryana.Parts of Punjab, Haryana, Delhi and West Uttar Pradesh witnessed dust storm, heavy rain with thundershowers and isolated hailstorm. Winds were strong in some parts of these states.Light to moderate rain occurred over Western Himalayas, parts of Assam, Sub-Himalayan West Bengal, Northeast Bihar, Jharkhand, parts of Odisha, Kerala and Coastal Karnataka.Light rain occurred in isolated parts of East Rajasthan, North and East Madhya Pradesh, Jharkhand, Chhattisgarh, Konkan and Goa, South Madhya Maharashtra, Tamil Nadu and Vidarbha.Weather activity likely during next 24 hoursDuring the next 24 hours, light to moderate rain is very likely at one or two places over Lakshadweep.Light to moderate rain may occur over West Himalayas, Bihar, Jharkhand, West Bengal, Odisha, Sikkim, Meghalaya, Manipur, Mizoram, Tripura, parts of Kerala, Coastal and South Karnataka.Light rain is possible over Chhattisgarh, Tamil Nadu, Andhra Pradesh, East Madhya Pradesh, Andaman and Nicobar Islands, Assam, Meghalaya, Arunachal Pradesh, Nagaland and Konkan and Goa.Light rain and thundershowers are possible in some parts of Punjab, Haryana, Delhi and Uttar Pradesh.

Sensex rises, 73 points open upToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 73.49 points at the level of 54362.10 points.

Rupee depreciates against dollar, loses 4 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 4 paise at Rs 77.56 against the dollar. At the same time, on Monday, the rupee strengthened by 3 paise to close at Rs 77.52 against the dollar.

Panipat textile exports down 60%, courtesy Ukraine war, rise in yarn pricesThe Russia-Ukraine war, hike in cotton yarn prices and freight charges have hit Panipat’s export business by up to 60 per cent this year. Cancellation and halting of orders has put exporters in trouble.Panipat generally has around Rs 45,000-crore annual turnover, including Rs 15,000 crore from exports alone. Around 450 units functioning here export handloom products, blankets, bed sheets, cushions and hundreds of other items all over the world. Lalit Goyal, president of the Panipat Exporters’ Association, said cotton yarn prices had increased to around Rs 330 per kg from Rs 160 per kg earlier. Open-end yarn, which was earlier available at Rs 120 a kg, had gone up to Rs 170-190 a kg now, he said.The slowdown in exports started in the beginning of this year. There were hardly any fresh orders from overseas buyers. The previously placed orders were also cancelled or held up by them, Goyal asserted.“If the situation doesn’t improve in the coming days, textile exporters will lose business worth around Rs 7000-8000 crore this fiscal. That will be a big setback for Panipat-based exporters,” he said. Ashok Gupta, vice-president of the association, said skyrocketing freight charges had increased the production cost by 15-18 per cent. “The economic conditions in America and Europe have led to a slump in demand, thus adversely affecting the Panipat textile industry. If the situation doesn’t improve, employment crisis will also set in,” he said.The industryRs 45,000-cr annual turnover of Panipat textile industry Rs 15,000 cr out of this comes from exports only Rs 8,000 cr likely reduction in exports, if the situation does not improve 450 textile export units functional in PanipatThe blowRs 330 per kg is the cotton yarn price; up from the earlier Rs 160/kg Rs 190 per kg price of open-end yarn; up from Rs 120/kg 18% hike in the production cost due to the increased freight charges

Today evening, the rupee strengthened by 3 paise to close at Rs 77.52 against the dollar.Sensex falls, closes by breaking 38 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 54288.61 points, down 37.78 points.On the other hand, Nifty closed at the level of 16214.70, down by 51.50 points.

Sensex rises further, opens up 239 pointsToday the stock market opened with great momentum. Today, the BSE Sensex opened with a gain of 239.28 points at the level of 54565.67 points. On the other hand, the Nifty of NSE opened with a gain of 60.50 points at the level of 16326.70 points.

Rupee collapses against dollar, opens 13 paise weakerRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a loss of 13 paise at Rs 77.68 against the dollar. At the same time, the rupee on Friday closed at Rs 77.55 with a gain of 18 paise against the dollar.