Page 3 - Textile Industry

Vardhman Textiles' net profit up 52% QoQ; declares Rs 3.5 dividend a share

The company reported a net profit of Rs 749 crore for the financial year 2022-23 (FY23) on a standalone basis

TN CM seeks Centre's mediation for textile sector to follow quality norms

Underscoring the issues faced by the textile industry in respect of compliance with the Quality Control Orders, Tamil Nadu Chief Minister M K Stalin on Saturday sought Union Textiles Minister Piyush Goyal's intervention to protect the industry's interests. Writing to Goyal, Stalin referred to representations from the textile industry expressing reservations on mandatory certification through different Quality Control Orders (QCOs) by the Bureau of Indian Standards (BIS) in respect of various types of man-made fibres and viscose fibre. The QCOs issued by the textiles ministry vis-a-vis Viscose staple fibre give only one month for its implementation. "Later, it was extended by two months to make it effective from 29 March 2023. Similarly, the Polyester Stable Fibre QCO has been made effective from 3 April 2023 by the Ministry of Chemicals and Fertilizers." In respect of Polyester Fully Drawn Yarn (FDY), Polyester Partially Oriented yarn (POY), Polyester Industrial Yarn (IDY), and 100

India can emerge as key player in global technical textiles market: Goyal

According to Goyal, to meet the growing internal and global demand for sustainable and circular products, India is also bracing itself

At least three 'completed' textile parks closed, finds CAG report

Auditor says large number of cancellations defeated the purpose of the scheme

Domestic demand to drive textile sector growth in FY24: CRISIL SME Tracker

In FY24, cotton yarn prices are projected to fall almost 15 per cent due to a high base and subdued export demand. This is expected to hurt price realisation

Indian Chamber of Commerce and Industry welcomes Tamil Nadu Budget

The local chapter of Indian Chamber of Commerce and Industry on Monday welcomed the Tamil Nadu Budget, particularly with the announcement of Metro Rail Project for Coimbatore allocating Rs 9,000 crore. State Finance Minister Palanivel Thiaga Rajan presented the budget for 2023-24 in the Assembly today. In a statement, Chamber president B Sriramulu appreciated and thanked Chief Minister M K Stalin for announcing allocation of Rs 77,000 crore for developing Mega Power Project generating 14,500 MW of power by 2030. This will support industrial development and overcome power shortage problem, he said. To felicitate the students from Tamil Nadu to get trained to appear for Civil Services exams, he said the stipend of Rs 7,500 per student each for a period of 10 months will motivate them from this region to join the Civil Services. The announcement for integrated projects for planned development to be launched for Coimbatore Ezhilmigu Coimbatore and allocating Rs 172 crore for Semmozhi

PM Mitra parks to boost India's $100 bn textile export goal, says industry

The parks, which are coming up in seven states, are expected to fuel investment once the global slowdown is over

PM Modi announces PM MITRA mega textiles parks to be set up in 7 states

Prime Minister Narendra Modi on Friday announced that PM MITRA mega textile parks would be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh

The worst may be over for chemicals and textiles company Grasim

Analysts' target prices indicate an upside of about 20 per cent from current levels

Govt clears 15 R&D projects worth around Rs 32.25 cr in key strategic areas

The 5th Mission Steering Group chaired by Union minister Piyush Goyal on Friday cleared 15 R&D projects worth around Rs 32.25 crore in key strategic areas such as speciality fibre, protective textiles, high-performance textiles, geotextiles, medical textiles, sustainable textiles and textiles for building materials. The projects have been approved by the government under the National Technical Textiles Mission. "Encouraging young engineering minds to pursue technical textiles in India is the need of the hour. A broad guideline under start-up scheme was discussed and may be finalised on priority targeting aspiring innovators, entrepreneurs and young scientists," an official statement said. Addressing the meeting, textiles minister Goyal said leading textile manufacturers and institutes should come together to indigenously develop strategic and high-value technical textile products with support of National Technical Textiles Mission. Among these 15 R&D (Research & ...

Textile maker Arvind Ltd profit declines 11.62% to Rs 87 cr in Oct-Dec

Textile manufacturer Arvind Ltd on Wednesday reported an 11.62 per cent decline in consolidated net profit from continuing operations to Rs 87 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit from continuing operations of Rs 98.44 crore in the same period last fiscal, Arvind Ltd said in a regulatory filing. Revenue from operations during the quarter under review were at Rs 1,979.79 crore as against Rs 2,270.07 crore in the year-ago period, it added. Total expenses were lower at Rs 1,899.7 crore as compared to Rs 2,134.54 crore in the same period last fiscal, the company said. In July 2022, Arvind Ltd said the parent company sold its 100 per cent stake of wholly owned subsidiary, Arvind Internet Ltd to Bigfoot Retail Solutions Pvt Ltd for a consideration of Rs 159 crore and accordingly, the group has considered its wholly owned subsidiary Arvind Internet Ltd as discontinued operations. Overall textile revenues were lower as volume

Tamil Nadu textile industry seeks export incentives in Union Budget

The textile industry of Tamil Nadu has sought export incentives and additional credit support in the budget for 2023-24 of the Union government to be presented in Parliament on February 1

Textile entrepreneurs hope for reduction in freight charges, cotton prices

Textile entrepreneurs have discussed key issues to bring in stability in the sector eyeing a reduction in cotton prices and freight charges, an industry official has said. Participating in an interactive session here, around 120 managing directors of spinning mills discussed various issues including cotton prices and freight rates, according to Indian Texpreneurs Federation, the organisers of the event. Sharing of benchmark numbers regarding productivity, cost reduction techniques, best practices to be adopted on periodic basis to improve manufacturing were some of the key points discussed, ITF convenor Prabhu Dhamodharan said. Andhra Pradesh Textile Mills Association, Telangana Spinning and Textile Mills Association, Spinners Association, Gujarat and ITF participated in the event. Market trends and quality parameters, yarn and fabric market intelligence regarding domestic and export markets were also discussed as 'common cooperation task between the associations', he said. Explor

7 mn people laid off in Pakistan textile industry amid dwindling exports

Representatives of the value-added textile associations said the current government does not have any policy to end the various crises affecting textile producers and exporters

Govt considering textile duty structure rejig in Union Budget: Report

The industry says a slowdown in exports of cotton yarn due to weakening global demand has tied their hands

India will aim to achieve $100 bn export target for textiles by 2030: Goyal

Citing the case of the FTA negotiations with the United Kingdom, Goyal said the country had a 9 per cent duty on different items and if that goes away, it will benefit the sector, he said

Rajasthan is making efforts to achieve Rs 1 trn exports target: REPC chief

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

War, slowdown prompt Tiruppur exporters to explore alternate markets

Move follows 21% YoY dip in exports in October; some exporters believe things will improve in the coming months as yarn prices have declined and dollar rates are favourable

'Centre looking at PLI 2.0 for textiles to make it globally competitive'

The government is considering the second phase of the Production Linked Incentive scheme for the textile sector to help the industry compete with top exporting countries like China and Vietnam, Union minister Piyush Goyal said on Tuesday. The minister for textiles and commerce and industry instructed officials of the ministry to undertake extensive and exhaustive stakeholder consultations before finalising the contours of PLI 2.0. He asked them to make PLI 2.0 robust and emphasised that PLI 2.0 would empower the sector to compete globally with top exporting countries like China, Vietnam, an official statement said. Chairing a review meeting of PLI for textiles, Goyal interacted with beneficiaries and asked the textile industry to strive to move up the value chain and focus on products of high value. Textile industry has immense potential to accelerate job creation, exports and growth, he said. Goyal emphasised that the textile sector's USP (unique selling point) should not be ...

Bangladesh, Vietnam seen as competitors in textile and garment trade

With a share of about 13 per cent, UP is one of the top three domestic textile players. Bangladesh, Vietnam, and Indonesia are the leading textile exporters in the Asia region.