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Textile (137)
Spot traders and analysts have raised questions about the possible damage to cotton crop and quality of its supplies in Andhra Pradesh. The state has received heavy rains in the last few days and is expected to receive more rainfall in the next 24 hours. Traders lament heavy rains in the area will spoil the quality of the crop and disrupt harvesting operations. Supplies from the new harvest have started coming into local markets in small quantities and are expected to gain pace in the coming weeks, spot traders say. The Cotton Association of India (CAI), in its third crop…
The need for good fabric and high quality products have made it imperative for Indian textile and garment manufacturers to invest in good quality machines. Moreover the new TUF scheme has further facilitated investments in quality shutteless looms in India. As Tapas Nandi, President and Country Head, ITEMA Weaving India points out “India has a lot of capacity in the powerloom sector. However, the industry must concentrate on technology up-gradation and invest in shutteless looms. Asia holds the might of weaving capacity as it can supply capacity to global market. Keeping this in mind, we have recently introduced new generation…
With a vision and commitment to be a leading enterprise in the textile industry, SuryalakshmiCotton Mills manufacturers of world class cotton and blended yarns is looking at increasing its business by 15 to 20 per cent this fiscal. The company did business worth Rs 720 crores in the last fiscal. Talking about their business plans, Jay Soyantar, Vice President, Marketing, Suryalakshmi said, “At present, the business is very challenging. All the markets are very difficult, especially the Indian market but we are continuously innovating and upgrading, making new collection and rising above the competition to protect ourselves against competition.” Suryalakshmi…
A study by industry body Assocham has revealed that about 30 per cent of total textile factories across India were non-operational as of 2010-11. This has led to massive job losses in the sector. "Of the total 17,987 textile factories across India, 12,688 factories were operational and around 5,300 were non-operational as of 2010-11," the study said. "This is a matter of grave concern as organized textile sector, apart from creating 14 lakh jobs, also contributes four per cent to the Gross Domestic Product (GDP) and 10.1 per cent to the total exports earnings," Assocham secretary General D S…
Ahmedabad-based Pradip Overseas (POL) has been forced to opt for corporate debt restructuring (CDR), owing to volatility in cotton prices coupled with just 50 per cent production capacity utilization. After having received banks' and financial institutions' nod, the company received an approval from its Board of Directors for CDR. While it is looking at turning a part of working capital into a term loan, the company has also sought to convert the interest on current debt into funded interest term loan (FITL). It has a total debt of Rs 1,100 crores. But it’s going for a corporate debt restructuring (CDR)…
Cotton planted during this Kharif season (2013 summer sowing) across India, is estimated at around 28.34 million acres, while last year it was 28.98 million acres. However, the Cotton Association of India has estimated the cotton crop for the new season beginning October will be 38.1 million bales. Even though there is a slight decrease in the acreage of cotton planted, good rains and technological developments are enhancing the overall production of cotton. Late rains have resulted in the delay of seed arrivals. However, the available moisture is likely to help increase yields and result in a larger than estimated crop.…
Implementation of Gujarat’s textile policy is likely to be hit owing to the recent unseasonal rains damaging cotton crop and better textile policies in other states like Maharashtra, Madhya Pradesh (MP) and Rajasthan. "Gujarat has a focus on the spinning industry, which is good considering the cotton availability in the state. However, there are equally good textile policies announced by Rajasthan and Maharashtra. Earlier, we were planning to set up a unit in Gujarat but now we have decided to expand in Rajasthan alone," said J C Ladha, Executive Director of Rajasthan Spinning and Weaving Mills (RSWM). Earlier at an…
The Union Ministry of Textiles has launched a programme called the ‘Hire-Purchase Scheme’ in the revised restructured Technology Upgradation Scheme (RR-TUFS) to give a boost to modernization of the weaving sector. A special purpose vehicle (SPV), promoted by a group of weavers, a large-scale textile manufacturer and a co-operative or an entrepreneur, will procure the machines and provide them on a hire-purchase basis to the weavers. New indigenous or imported shuttle-less looms and pre-weaving machinery will be eligible for 30 per cent subsidy under this scheme apart from interest subsidy. Details of the ‘Hire-Purchase scheme’ are given in the government…
Contrary to earlier expectations of a lower coverage of the fibre crop, cotton acreage in Andhra Pradesh is lower this year at 21.50 lakh hectares compared to last year’s 22 lakh hectares. The normal area under cotton in the state is 15 lakh hectares. The seed industry, farmers and the government had initially expected the area under cotton to be far lower than last year. With conducive weather, officials of the Agriculture Department are pegging the yield at 480 kg a hectare against the average 373 kg, a 29 per cent rise. Hence, production is likely to be 60 lakh…
Vastra 2013, the second international textile and apparel fair showcasing contemporary and the traditional fabrics in Rajasthan, has bagged orders worth thousands of yards of polyester and silk from across the globe.Organized jointly by the Rajasthan State Industrial Development and Investment Corporation (RIICO) and the Federation of Indian Chambers of Commerce and Industry (FICCI), the orders were clinched during a series of business-to-business meetings at the expo. Indian buying houses also showed up in strength at Vastra 2013. They are a key link between exporters and foreign buyers and have in recent times been able to tap new markets particularly…
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