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Today evening, the rupee depreciated by 33 paise to close at 74.57 against the dollar.Today the stock market closed with a fall.Today, where the Sensex fell by about 554.05 points, closed at the level of 60754.86 points. On the other hand, Nifty closed at 18113.00 points down by 195.10 points. Apart from this, a total of 3,513 companies were trading on the BSE today, out of which about 1,157 shares rose and 2,273 shares closed down.  

Rupee collapses against dollar, opens weak by 18 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 18 paise at Rs 74.42 against the dollar. At the same time, on Monday, the rupee closed at Rs 74.24 with a weakness of 9 paise against the dollar.

Sensex opened sharply, up 134 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 134.07 points to open at the level of 61442.98 points.

U.S. Cotton Gets Favorable Look by South Indian Textile SpinnersCotton from the High Plains of Texas is getting attention in South India.The cotton price situation is creating a lot of anxiety in the global textile sector, particularly in India which is a large textile producing country. High cotton prices are being carefully watched, as it is having ripple effects across economy and employment.Interestingly, cotton from the High Plains of Texas is getting favorable consideration by South Indian textile spinners.India’s spinning industry is heavily concentrated in the southern state of Tamil Nadu, and the textile industry is situated in Coimbatore, Erode, and Thiruppur regions. Additionally, mills are situated in cotton growing areas in the Virudhunagar districts.High prices, coupled with lack of consistent quality, have caused spinning industries to look for alternatives to Indian cotton. Indian spinning associations have been pleading the government to waiver the 10% import duty on cotton.During a phone conversation, Velmurugan Shanmugam, General Manager of Jayalakshmi Textiles in Aruppukkottai, revealed that they are seriously looking at High Plains cotton in their raw material mix. Another large mill has also apparently booked an order of about 1,000 tons of U.S. cotton.According to Velmurugan, Jayalakshmi Textiles have booked 300 tons of High Plains cotton, with the consignment expected to arrive in 3-4 months. By that time, he hopes the government will make a favorable decision on the import duty on cotton.Many textile spinners are also exploring imported cotton. Indian spinners like Jayalakshmi Textiles have been using small quantities of Giza cotton for high quality yarns of 100-120s Ne. The company spins fine count yarns catering to sheeting and saree materials.While the landed price, including the import tax, of imported cotton may be slightly higher than the price of domestic cotton, mills in India are also paying attention to its quality and consistency.The Indian cotton sector should pay attention to quality and delivery consistency and enable farmers to achieve high quality standards.

All India Weather Forecast for January 18, 2022Countrywide weather systemsA Western Disturbance is over Jammu and Kashmir.Another Western Disturbance is expected to reach Western Himalayas by January 18.A Cyclonic Circulation is persisting over Arabian Sea and adjoining Konkan Coast.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain at a few places with isolated heavy falls occurred over Coastal Tamil Nadu and South Andhra Pradesh coast.Light rain occurred in 1-2 parts of Interior Tamil Nadu, Rayalaseema and Coastal Karnataka.Dense to very dense fog was observed over parts of Haryana, Rajasthan, East Uttar Pradesh, Madhya Pradesh and Bihar.Cold day to severe cold day situation prevails in some parts of Punjab. Cold day conditions prevailed over parts of North Rajasthan, Delhi and West Uttar Pradesh.Weather activity likely during next 24 hoursDuring the next 24 hours, light to moderate rain and snow may occur at isolated places over Gilgit-Baltistan, Muzaffarabad, Ladakh, Jammu and Kashmir and Himachal Pradesh and Uttarakhand.Rain is likely over Coastal Andhra Pradesh and parts of Tamil Nadu and one or two parts of Kerala and Karnataka.Very dense fog is possible over parts of Uttar Pradesh, North Madhya Pradesh, East Rajasthan and Bihar.

Cotton yarn prices see mixed trend in south IndiaDue to demand and cost factors, cotton yarn prices in south India showed mixed trend in the second half of the last week. Trade remained thin amid festive mood and seasonal sluggishness. On Saturday, while prices remained almost stable in Mumbai, Tiruppur market remained closed due to the continuing festive mood among traders and workers.Tiruppur market may see standstill on January 17 and 18, due to a strike called in protest of steep hike in cotton and yarn prices. However, traders expect trading and manufacturing activities to pick up after one week for the next summer season clothing.In Mumbai market, cotton yarn prices remained almost steady on Saturday as demand was very weak. After festival holiday, many factories were facing labour shortage as they did not come back to work on the very next day of holiday. It is expected that market scenario will change at the end of this month when fabric manufacturers will start fresh buying.In Mumbai market, 60 count carded cotton yarn of warp and weft varieties were traded steady at ₹1,910-1,990 per 5 kg and ₹1,690-1,740 per 5 kg respectively. 80 count carded cotton yarn of weft variety was sold at ₹1,825-1,850 per 5 kg. It had seen slight decline trend in last few days due to sluggish manufacturing activities. Carded cotton yarn (46 count) of weft variety was sold at ₹1,730-1,760 per 5 kg in the market.In Tiruppur market, normal trading activities is expected to resume after January 20 as there will be strike in the textile city January 17 and 18. Though the market remained closed on Saturday, cotton yarn prices of 30 count combed were quoted at ₹ 355-360 per kg, 34 count combed at ₹360-366 per kg, and 40 count combed at ₹390-395 per kg. Cotton yarn of 30 count carded was quoted at ₹ 315-320 per kg, 34 count carded at ₹ 322-328 per kg, and 40 count carded at ₹345-350 per kg. Last week, the price of cotton yarn of 30 count carded and 34 count carded had fell down between ₹1 to ₹3 per kg last week due to poor demand, but 34 count combed and 40 count combed yarn gained ₹3-5 per kg.

Today evening, the rupee depreciated by 9 paise to close at Rs 74.24 against the dollar.Today the stock market closed sharply.Today, where the Sensex closed at the level of 61308.91 points with a gain of 85.88 points. On the other hand, Nifty closed at the level of 18308.10 points with a gain of 52.30 points.     

Despite price rise in cotton, garment manufacturers of Tiruppur hesitate to use man-made fibreAccording to sources, while the consumption of cotton yarn is around 700 tons per day in the garment industry in Tiruppur, the entire consumption of man-made fabrics is 2,000 tons per year.Garment manufacturers, except a few, are reluctant to move towards man-made fabrics even though price of cotton yarn is hovering above Rs 350 per kilogram. A Kondasamy, partner in Aviram Knitters, said, "There is a big market for man-made fibres in India and around the world as they offer several advantages.""These fabrics (except polyester) are mostly biodegradable and offer much more comfort than cotton fabrics. Even many fabrics offer cool temperatures to the human body. Most importantly, modern technology and textile processing have made the fabric softer than cotton. These fabrics have moisture retainability, which helps absorb wetness," he added."Among man-made fabrics, viscose is widely used but there are several concerns. Viscose is a delicate fabric, and many dyers claim that after dyeing the fabric loses strength. Besides, colour correction is a problem in man-made fabrics.  In terms of shrinkage, cotton has 5 per cent, viscose has 7 per cent. If the dyeing isn’t proper, it increases to 12 per cent,' he added.Cotton yarnAccording to sources, consumption of cotton yarn is around 700 tons per day in the garment industry in Tiruppur

Rupee depreciates against dollar, loses 1 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 1 paise at Rs 74.16 against the dollar. At the same time, on Friday, the rupee closed at Rs 74.15 with a weakness of 27 paise against the dollar.

Sensex opens sharply, rises 76 pointsToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 76.46 points at the level of 61299.49 points.

Cotton growers anxious over textile min-industry meet today A likely meeting on Monday between textile ministry and industry stakeholders over rising cotton rates has left the farmers in Vidarbha anxious.With smart phones being used even in the hinterland, media reports of Monday’s meeting have been quickly shared in villages. As cotton growers of the region are now waiting for more news on the meet, this has also left them miffed.The textile industry has been demanding measures to reduce cotton rates, which have touched Rs10,000 a quintal, and cut in import duty on the commodity.Farmers say this would take away the once-in-decade opportunity for them to get a decent rate.“A number of farmers have received the news about the meeting on mobile. As we are following the news for the final outcome, this has left the farmers disappointed and many want to register their protest,” said Nitin Khadse from Jalka village in Yavatmal — infamous for agrarian crisis.“For years, cotton prices have been fetching minimum support price (MSP) or slightly below it. Now, if the rates are high for a single year, the industry is seeking government intervention,” he said.Arun Sekhsaria, managing director of export firm DD Cotton, said, “There seems to be no need for intervention. It’s part of the business as even farmers’ income needs to go up.”“Why should the farmers compromise always. Even the industry and the consumer should be ready to shell out more,” said Anil Ghanwat, president of Shetkari Sanghatana. Ghanwat was also a member of the Supreme Court-appointed committee on the now scrapped three farm laws.Meanwhile at Yavatmal, cotton grower Ravindra Wadai says his output is less than last year’s, but may earn more. Wadai has held on to close to 80 quintals of cotton harvest, in the hope to get a better rate. It would be a loss if any government decision brings down the rates, he says.Farm activist Vijay Jawandhia says even if imports are eased, it may have little impact, because even the international rates are on the higher side.There are chances that a section of players may import small quantity at parity price only to dampen the domestic market sentiment.“It’s not that the farmers are reaping super profits. In 2019-20, cotton was sold even at Rs4,500 a quintal, which was below the MSP. In 2011, the rates were at Rs6,500. It’s not much if it touches Rs10,000 a decade later. The input prices have also gone up,” says Ganesh Nanote, a farmer from Akola.