Textile Industry

Sanathan Textiles IPO worth Rs 550 cr gets 1.43 times subscription on Day 2

The initial share sale of yarn manufacturer Sanathan Textiles Ltd garnered 1.43 times subscription on day two of bidding on Friday. The initial public offering (IPO) received bids for 1,80,43,086 shares against 1,26,22,950 shares on offer, according to NSE data. Retail individual investors (RIIs) quota got subscribed 2.15 times while the category for non-institutional investors collected 1.53 times subscription. Qualified institutional buyers (QIBs) portion fetched 9 per cent subscription. Sanathan Textiles on Wednesday said it has mobilised Rs 165 crore from anchor investors. The issue, with a price band of Rs 305-321 per share sale, will conclude on December 23. The company's Rs 550-crore IPO is a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities. The company plans to utilise proceeds from its fresh issue worth Rs 160 crore for payment of debt, while Rs

Textiles giant Trident Group plans to invest Rs 3,000 cr in Madhya Pradesh

Textiles major Trident Group plans to invest Rs 3,000 crore in Madhya Pradesh to expand its operations in the state resulting in 3,000 new jobs, its Chairman Rajinder Gupta said on Monday. The Ludhiana-based vertically integrated textiles firm currently has operations involving sourcing cotton to produce finished goods in the state, it said in a regulatory filing. "We ventured into Madhya Pradesh a few years ago and invested Rs 5,000 crore. Today, our finished products from Madhya Pradesh are exported to 122 countries, with demand continually rising," Gupta said while speaking at the Madhya Pradesh Regional Industry Conclave. Looking ahead, Gupta said the group "plans to invest an additional Rs 3,000 crore in the state's textile sector which will expand employment opportunities here at Trident Group from the current 12,000 to over 15,000". He further said, "We are committed to ensuring that the benefits of our operations stay within Madhya Pradesh, from sourcing cotton to producing

Textile key source of economic livelihood after agriculture: Giriraj Singh

Union Textile Minister Giriraj Singh on Wednesday night said the textile sector turning into another key source of income for the people after agriculture. Speaking at a road show in the run up to the Bharat Tex 2025, the Global Textile Expo in New Delhi in February, Singh said 4.6 crore people are employed in the textile sector in the country at present, which is substantially higher from the figure before 2014. "Going by the roadmap by 2030 the number of people sustaining from the sector will reach the six crore mark in 2030," he said. Underscoring that the Narendra Modi government has made innovation as the bottomline for the goal of 'Atma Nirbhar Bharat', he said "Before 2014 there was no start up whereas now 1.5 lakh people are associated with start-up ventures." Singh said a new concept of technical textile has added a new dimension and it has greatly benefited the medical sector churning out products like sanitary napkins and masks. Singh said by 2030 AD, 13 million tonnes

Alok Industries Q2: Loss widens to Rs 262 cr; revenue dips to Rs 885.6 cr

Textile manufacturer Alok Industries on Monday said its consolidated net loss widened to Rs 262.10 crore for the second quarter ended September 2024. The company had posted a net loss of Rs 174.83 crore in the July-September period a year ago, according to a regulatory filing from Alok Industries, jointly owned by Reliance Industries and JM Financial Asset Reconstruction. Its revenue from operation fell 35.46 per cent to Rs 885.66 crore during the period under review. It was Rs 1,372.34 crore in the corresponding period a year ago. The total expenses in the September quarter declined 25.45 per cent to Rs 1,160.63 Alok Industries' total income, including other income, was down 34.97 per cent to Rs 898.78 crore in the September quarter. Reliance Industries owns a 40.01 per cent stake and 34.99 per cent by JM Financial Asset Reconstruction Company in Alok Industries, which operates in-home textiles, cotton yarn, apparel fabric, garments, and polyester yarn. Shares of Alok Industrie

TN readymade garment exporters' profit may rise by 8-10% in FY25: CRISIL

Readymade garment exporters from Tamil Nadu are likely to see 8-10 per cent growth in revenue to Rs 43,000 crore in this financial year on healthy order flow amid rising demand conditions, a report said on Friday. The industry has seen signs of recovery in Tamil Nadu after two years of subdued demand and muted realisations and is expected to fare better than the national level where revenue growth is expected to be 3-5 per cent this fiscal. Operating profitability will improve 25-30 basis points (bps) on better operating leverage, marginal increase in realisations and stable yarn prices, Crisil Ratings said in a report. "Tamil Nadu readymade garment industry, which accounts for over 30 per cent of readymade garment exports from India, will see volume grow 6-7 per cent in the current fiscal. Growth will be driven by the Tirupur region, the knitwear hub of India, supported by improving demand from the US and Europe. "The government's plan to review the Production-Linked Incentive (PL

Sustaining the cotton revolution is vital for the textile sector's growth

Urgent measures are imperative to rejuvenate the cotton revolution through inducting new genetically engineered seeds and modern technology

With long-term vision, I aimed at creating 3 separate businesses: Singhania

Singhania says he has laid the groundwork for a promising future

Textile industry, ILO tie up for best labour standards in cotton farms

Around 6.5 million farmers grow cotton in India, which is the world's second-largest producer and consumer of the commodity

Bangladesh crisis poses significant concerns for textile industry: CITI

Bangladesh, which is facing its worst political crisis since Independence in 1971, poses "significant concerns" for India's textile and apparel sector, particularly for companies operating factories in the neighbouring country, the Confederation of Indian Textile Industry said on Tuesday. The domestic textile industry body believes that any supply disruption in Bangladesh will have an immediate impact on the supply chain, potentially affecting production schedules and delivery timelines of Indian firms. "The situation in Bangladesh is indeed concerning, and we are closely monitoring the developments. Bangladesh's growth in the textile sector has been inspiring and has lent strength to the trade flows in the entire subcontinent. "While we are concerned about the impact on the supply chain and the potential delays and disruptions it might cause, we are hopeful that the situation will improve soon," Chandrima Chatterjee, Secretary General, Confederation of Indian Textile Industry (CITI

Trident Q1FY25 results: Textile firm's net profit slips 19.1% to Rs 73.9 cr

Textiles firm Trident Ltd on Wednesday reported a 19.1 per cent decline in its consolidated profit after tax to Rs 73.89 crore for the first quarter of FY25. The company had posted a consolidated profit after tax of Rs 91.34 crore in the April-June quarter a year ago, according to a regulatory filing from Trident. However, its revenue from operations increased 16.66 per cent to Rs 1,742.71 crore in the June quarter. It was Rs 1,493.71 crore a year ago. The total expenses in the June quarter rose 19.7 per cent to Rs 1,655.59 crore. Its revenue from the Yarn business was Rs 960.70 crore and Rs 615.34 crore from the towel business. Trident's revenue from the Bedsheets segment was Rs 357.84 crore, and Rs 248.38 crore from paper and chemicals. Its total income stood at Rs 1,757.58 crore in the June quarter, up 16.77 per cent. It was Rs 1,505.08 crore a year earlier. Shares of Trident Ltd on Wednesday settled at Rs 37.44 on BSE, up 1.22 per cent.

Budget Watch: Textile sector seeks a stitch in time as govt mulls tax cuts

Budget 2024: Centre is considering tax incentives and other measures to support the textile and apparel industry, including reducing customs duties on imported cotton and revising the PLI scheme

Imports from Bangladesh aggravate jute sector crisis: Stakeholders to govt

A body of jute suppliers have written to Union Minister Giriraj Singh, alleging that raw material imports from Bangladesh, either directly by mills or through third parties, have adversely impacted the industry and farmers. In a letter to the textile minister, the Jute Balers' Association has raised concerns over the "unregulated import of raw jute" from the neighbouring country and "low orders" for mills have led to a severe payment crisis for domestic raw jute suppliers. Indian Jute Mills Association has also raised concerns over the issue and sought intervention from the central and state governments to tide over the crisis. A meeting between the industry stakeholders and the ministry is expected later on Monday, an official said. The balers' association, which has been serving the sector for over 115 years, outlined the critical issues threatening the industry's survival. "Despite a bumper crop year in 2023-24, where domestic supply was sufficient, mills have continued to impo

Battleground 2024: Ludhiana's textile industry wants govt to stitch up FTAs

The past eight years have been a rollercoaster ride for this labour-intensive industry

Arvind Ltd Q4 result: Profit rises by 7.32% as demand remains steady

Consolidated revenue from operations in FY24 stood at Rs 7,737.75 crore as against Rs 8,382.48 crore in FY23

LS polls: Tumkur hopes yarn will spin again for its textile industry

The sector is facing multiple challenges like labour shortage, falling exports and bureaucratic delays

CRISIL SME Tracker: Textile revenue to rebound after 2 years of contraction

The cotton prices are likely to remain stable as cotton consumption continues to be lower than production, supporting the cost competitiveness of the cotton textile value chain

Roll-out of PM MITRA to help attract large investments in textiles: Experts

Expeditious implementation of the ambitious scheme to develop seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks will help in attracting large investments, including FDI, in the sector besides generating huge employment, said industry experts. After inaugurating 'Bharat Tex 2024', one of the largest-ever global textile events to be organised in the country, Prime Minister Narendra Modi threw light on the government's expansive plans to create seven PM MITRA parks in various states and underlined the emphasis on the creation of opportunities for the entire textile sector. The parks are coming up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra. Nearly Rs 70,000 crore investment and 20 lakh employment generation is envisaged through these parks. The valuation of the Indian textiles market is estimated at Rs 12 lakh crore. The Union Ministry of Textiles is overseeing the execution of these projects. A special purpose vehicl

Over 1 lakh people attend textile expo 'Bharat Tex'; 63 MoUs announced

Over one lakh trade visitors attended the four-day mega textile expo 'Bharat Tex', where 63 MoUs were announced in various fields, including entrepreneurship, skilling and sustainability, the government said on Friday. India's largest global textile event 'Bharat Tex 2024', organised at two venues -- Bharat Mandapam and Yashobhoomi, concluded on February 29. "The four-day event, which was inaugurated on 26 February 2024 by Prime Minister Narendra Modi at Bharat Mandapam witnessed an overwhelming response not just from Indian, but also global players, including top brands and retailers," an official statement said. Over 10,000 artisans, weavers, design and fashion students, factory workers, NGOs and producer companies visited and participated in the Bharat Tex 2024 as special invitees. Built on the twin pillars of trade and investment and a focus on sustainability, the 4-day event attracted, besides policy-makers and global CEOs, 3,500 Exhibitors, 3,000 Buyers from 111 countries and

Piyush Goyal urges textiles industry to work on long road map for sector

Union Minister Piyush Goyal on Monday asked the textiles industry stakeholders to work on a long roadmap for growth of the sector, "which has huge potential". The textile minister said the industry needs to focus on the world market as it would help make the sector competitive. "We are looking at a team working from across sectors to prepare the roadmap for India," he said at textiles industry function here. He said the Indian economy is likely to reach USD 35 million by 2047, "so we have to see what will be the share" of textiles in that.

Bharat Tex: What is 'Five F' roadmap, Centre's plan to boost textile sector

To boost the textile sector's capabilities, India is organising a four-day event, 'Bharat Tex 2024', a global textile event being held at Delhi's Bharat Mandapam