Page 3 - Textile

Textile shares rally; VTL, Himatsingka, Nitin Spinners surge up to 19%

According to media reports, cotton price is expected to dip to Rs 60,000 per candy by December 2022 because of the slump in demand and the wait-and-watch strategy of the market players

Vaxtex Cotfab Limited Q1 Results: Net-sales jumps over seven-fold

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Spreading textile hubs

Govt must focus on downturn in cotton production

NCLT allows insolvency proceedings against National Textiles Corp

The National Company Law Tribunal (NCLT) has ordered to initiate insolvency proceedings against state-run National Textile Corporation (NTC) after admitting a plea by one of its operational creditors claiming default of around Rs 14 lakh. The New Delhi bench of the NCLT has also appointed Amit Talwar as an interim resolution professional (IRP), suspending the board of NTC and has also declared a moratorium against the PSU as per the provisions of the Insolvency & Bankruptcy Code (IBC). A two-member NCLT bench also rejected the claims of NTC and said the dispute it raised over the due amount claimed by its operational creditor is merely a "moonshine dispute and said default has occurred for the payment. This is probably for the first time since the code has come into effect that insolvency proceedings against a central government-owned public sector unit (PSU) has been initiated. NTC is under the jurisdiction of the Ministry of Textile, Government of India. It is engaged in the ...

Govt extends timeline for submitting applications under textile PLI scheme

Under the scheme, incentives worth Rs 10,683 cr will be provided over 5 years for manufacturing man-made fabric, garments-jerseys and certain other products

Raymond Q3 net profit at Rs 101.07 crore, income rises 48.25%

Raymond Ltd on Tuesday reported a multifold jump in its net profit to Rs 101.07 crore for the third quarter ended in December 2021. The company had posted a net profit of Rs 22.18 crore during the October-December of the previous fiscal, Raymond said in a regulatory filing. Its revenue from operations was up 48.25 per cent to Rs 1,843.39 crore during the quarter under review as against Rs 1,243.44 crore in the corresponding period of the previous fiscal. According to the company, it has reported "highest profitable quarter in last 10 years" and its revenue is now "100 per cent of pre-Covid levels". Commenting on the result, Raymond Chairman & Managing Director Gautam Hari Singhania said: "With our focused approach on capitalizing on the growing demand for our products and continued cost optimization, we delivered record profitability. We generated free cash flows to reduce debt and are progressing towards being a net debt free business." Raymond's total expenses were at Rs ...

Govt making efforts to get duty concessions on textile via FTAs: Goyal

Goyal also thanked the prime minister for the decision to defer the increase of GST slab from five per cent to 12 per cent for the textiles sector

Centre deferred GST hike on textiles fearing defeat in upcoming polls: Cong

The Congress claimed that Centre deferred the hike in GST on textiles from 5 per cent to 12 per cent out of fear of losing upcoming Assembly elections in five states and later in Gujarat.

Textile industry plays major role in boosting India's economy: Sisodia

Sisodia made the comments at the GST Council meeting where Delhi government along with others opposed the decision to hike GST on textiles

India Inc welcomes deferment of proposed GST hike on textiles

The proposal intended to hike GST rate on apparel from 5 to 12 per cent

Hiking GST on handlooms, textiles will ring death knell for industry: TRS

: The working president of ruling TRS in Telangana K T Rama Rao on Friday claimed that the enhancement of GST on handlooms and textiles from five to 12 per cent would be a death knell for the industry. Rama Rao, State Minister for Industries, urged Prime Minister Narendra Modi to intervene in the matter to save weavers. "Hon'ble @narendramodi Ji, on the national handloom day you had talked of strengthening #Vocal4Handmade. Contrary to the idea, your govt has enhanced GST on Handlooms & Textiles from 5 to 12 % which will be a death knell for the industry. Request you to intervene & save weavers," Rama Rao, son of Chief Minister K Chandrasekhar Rao, tweeted.

Time to target 5 times rise in export of technical textiles in 3 yrs: Goyal

Union Commerce Minister Piyush Goyal on Friday said that the time has come to target a five times increase in the export of technical textiles in three years.

Fearing WTO backlash, govt puts on hold textile PLI export targets

Govt officials say they are cautious as they don't want to be trapped in the WTO quagmire

Covid cuts Tirupur garment hub biz, 10% orders go to other nations

According to Tirupur Exporters' Association, the industrial belt has seen a production loss of about Rs 10,000 crore during the last two months due to stoppage of manufacturing

Kitex Garments hits 52-week high, zooms 50% in three days

The company plans to invest Rs 1,000 crore in Telangana

Jeh Wadia steps down as managing director of Bombay Dyeing & Manufacturing

As an interim measure its day-to-day management would be looked after by the CEO and CFO of the company.

Bareilly to soon have a textile park: Uttar Pradesh CM Yogi Adityanath

Uttar Pradesh Chief Minister Yogi Adityanath has said that Bareilly district will soon have a textile park as all hurdles regarding the same have been cleared

Covid-19 pandemic disrupts Arvind Ltd's Rs 440 cr cost-cutting plan

Company expects a sharp fall in demand for its products and sagging sales in the first quarter of the current fiscal

UP maps migrant skills, aims to clones textile story of Vietnam, Bangladesh

Over 12,000 workers found to be trained in garment making and tailoring so far; more than 2.3 million have returned to UP from different states

As oblivion looms over weavers, a group is speaking for their survival

The group's chief believes that reviving the handicraft and handloom sector could be a critical step in developing a more robust economy