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Sensex opens sharply, rises 678 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 677.53 points to open at the level of 57877.76 points.

All India Weather Forecast for January 31, 2022Weather systems made across the countryA Western Disturbance is over Jammu and Kashmir and adjoining region.Cold and dry winds are blowing from the north-west direction in the Gangetic plains of India.A Cyclonic Circulation is persisting over the Gulf of Mannar.A fresh Western Disturbance is expected to approach the Western Himalayas by February 2.Weather movement across the country during the last 24 hoursDuring the last 24 hours, Andaman and Nicobar Islands experienced heavy rainfall at one or two places.Moderate rain with isolated light rain occurred over Tamil Nadu Coast and Lakshadweep experienced light rain at isolated places.There was a slight increase in maximum and minimum temperatures over Northwest India and Central India.Weather activity likely during next 24 hoursDuring the next 24 hours, light rain and snow may occur over Gilgit-Baltistan, Muzaffarabad, Ladakh, Jammu and Kashmir and upper parts of Himachal Pradesh.There is a possibility of light rain in Tamil Nadu.Light to moderate rain at isolated places may occur over Andaman and Nicobar Islands.

Today evening the rupee strengthened by 3 paise to close at Rs 75.04 against the dollar.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 57200.23 points, down 76.71 points. On the other hand, Nifty closed at the level of 17102.00 points with a fall of 8.20 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 75.11 against the dollar. At the same time, on Thursday, the rupee closed at Rs 75.07 with a weakness of 29 paise against the dollar.

Sensex opened sharply, increased by 506 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 506.11 points to open at the level of 57783.05 points.

Textile sector pitches for removing import duty on all varieties of cottonTextile industry stakeholders, in a meeting with Union Finance Minister Nirmala Sitharaman on Thursday, pressed for removing import duty on all varieties of cotton or at least on extra-long staple (ELS) cotton to curb the rise in prices, and highlighted the issue of alleged hoarding by cotton players.The price of one cotton candy (one candy = 356 kg) increased from around Rs 37,000 in 2020 to Rs 80,000 now. Normally, any increase in the price by Rs 1,000 per candy would lead to an increase of Rs 4 per kg of yarn.Domestic raw cotton prices have moved up by almost 69 per cent between last January and this year while international prices have jumped by nearly 65 per cent during the same period. Other than the rise in cotton and yarn prices and futures trading, alleged cotton hoarding is what the industry is concerned about.Industry groups and the government of Tamil Nadu had highlighted there was a shortage of around 80 million bales (one bale = 170 kg) in the market, which may be with either traders or farmers. The industry bodies sought Sitharaman’s intervention in regulating the participation of multinationals in commodity exchanges, bringing out the cotton not found a place in the market, and allowing Cotton Corporation of India (CCI) to purchase cotton just above the minimum support price.According to a source present in the meeting, the finance minister was not fully aware that CCI had not purchased any cotton this year so far. “For the removal of import duty, even on ELS cotton, the minister was found concerned as how it would impact the farmers. The minister, after hearing the views of the industry, advised sending a representation immediately for her consideration,” said a source.Confederation of Indian Textile Industries (CITI) Chairman T Rajkumar, Tamilnadu Spinning Mills Association Chief Advisor K Venkatachalam, and Feder­ation of Indian Export Organ­isations Chairman A Sakthivel were among those who represented the industry. There were representatives from the Tamil Nadu government also.According to industry players, due to the imposition of import duty on cotton to the extent of 11 per cent, except by advance authorisation under the duty exemption scheme, cotton import is not possible. Therefore, much of the domestic operation is dependent on only local cotton. This makes the demand increase. Cotton is also being allowed to be listed for trading under MCX/National Commodity Clearing and due to this, a great level of speculation is happening and this also is one of the reasons for an unrealistic price rise for raw cotton, as most traders are trading on speculation.Trade sources said another reason for the price rise was a mismatch between the production estimates of the government and crop output. The Centre estimates cotton production in 2021-22 at 36.25 million bales, while traders said it was around 33-34 million bales.The Cotton Association of India (CAI) expects production to be around 34.8 million bales. Consumption this year is expected to be around 35 million bales, though some traders said it could be around 33.5 million bales.If the consumption is estimated to be around 35 million bales and production at the lower end of the band, say, 33.5 million bales, the total cotton closing stock at the end of the current season is expected to be around 1.5 million bales, after accounting for 4 million bales of exports.

All India Weather Forecast for January 28, 2022Weather systems made across the countryThe Cyclonic Circulation lies over the northern parts of West Bihar.A trough is extending from South Tamil Nadu to South Interior Karnataka.A weak Western Disturbance is likely to reach Western Himalayas on January 29.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain occurred over many parts of Northeast India.Light rain and snowfall occurred in Uttarakhand, Himachal Pradesh and Jammu and Kashmir.Light rain occurred over Gangetic West Bengal, Tamil Nadu and isolated parts of Karnataka and Jharkhand.Cold wave conditions are persisting over parts of Rajasthan and Gujarat.Cold day conditions were observed in Delhi, western parts of Punjab and Haryana.Weather activity likely during next 24 hoursDuring the next 24 hours, light to moderate rain is very likely over Northeast India. There is a possibility of scattered snowfall over the upper reaches of Arunachal Pradesh.Light to moderate rain may occur over Andaman and Nicobar Islands.Light rain is very likely over Coastal Andhra Pradesh, parts of Tamil Nadu, Kerala and isolated parts of South Interior Karnataka and Lakshadweep.Cold day conditions are likely to persist over isolated parts of Haryana, West Uttar Pradesh and Delhi for the next 24 hours.Cold wave conditions are very likely to persist over parts of Gujarat and Rajasthan for the next 24 to 48 hours.

Feedback of the meeting with the Hon'ble Finance Minister Smt. Nirmala Seetharaman held by 4.00 PM on 27.01.2022.Dear All,As informed already, the meeting has happened through Video Conference as organized by the Hon'ble Ministry of Finance, New Delhi. The following are the participants.1. Hon'ble Minister for Finance, Government of India Smt. Nirmala Seetharaman.2. Hon'ble Minister for Textiles, Government of Tamilnadu Shri. R. Gandhi.3. Hon'ble Member of Parliament Shri. Trichy Siva4. The Principal Secretary to Government of Tamilnadu for Textiles Department Shri. Dharmendra Pratap Yadav, IAS.,5. The Commissioner of Textiles, Government of Tamilnadu, Shri. Vallalar, IAS.,From Industry Side, the following were the participants.  1. Dr.K.Venkatachalam – Chief Advisor, TASMA2. Shri. T.Rajkumar – Chairman, CITI3. Shri. Ravi Sam - Chairman, SIMA4. Dr.K. Selvaraj – Secretary General, SIMA5. Dr.A. Sakthivel – Chairman FIEO6. Shri. Raja M Shanmugam – President, TEA7. Mr. Prabhu Damodharan – ITFBefore the commencement of the meeting with the Hon'ble Finance Minister GoI, there was a pre-meeting organized at the Tamilnadu level, with Hon'ble Minister for Textiles, Government of Tamilnadu and points were discussed as how to precisely project the points to the Hon'ble Finance Minister. Accordingly, this time there was no demand either on the ban on export of cotton or ban on export of cotton yarn. The Agenda was to cover only on the following areas.1. To remove import duty on cotton on all varieties either ELS or otherwise. 2. To regulate the participation of Multi Nationals in Commodity Exchanges to deal with cotton.3. To bring out the cotton not found placed in market 4. To allow the CCI to purchase cotton just above the MSP.  The Hon'ble Finance Minister was not fully aware that CCI has not purchased any cotton this year so far. For the removal of import duty, even on ELS cotton, the Hon'ble Finance Minister was found concerned as how it would impact the Indian Cotton Farmers. The Hon'ble Finance Minister after hearing the views of the industry, precisely advised to send a representation immediately for her consideration. However, the Hon'ble Finance Minister also expressed concerns over removal of import duty on cotton, which may wrongly signal the cotton growing farmers in India. Hence, after the closure of the meeting with the Hon'ble Finance Minister, again another round of meeting was held with the Hon'ble Textile Minister Tamilnadu, Hon'ble Member of Parliament and others. After discussing the matter, suitable proposal may likely to be sent before tonight, to the Principal Secretary to Government, Tamilnadu Textiles Department, for taking forward with the Hon'ble Ministry of Finance, New Delhi.

Today evening, the rupee depreciated by 29 paise to close at Rs 75.07 against the dollar.Today the stock market closed with a fall.Today, where the Sensex fell by about 581.21 points, closed at the level of 57276.94 points. On the other hand, Nifty closed at 17110.20 points down by 167.80 points.  

Rupee collapses against dollar, opens weak by 40 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 40 paise at Rs 75.18 against the dollar. At the same time, on Tuesday, the rupee closed at a level of 74.78 with a weakness of 22 paise against the dollar.

Sensex opened again after opening, breaking 994 points openToday the stock market opened with a fall. Today the BSE Sensex fell by about 994.07 points and opened at the level of 56864.08 points.