Textile

Industry bodies move global accreditation body IOAS, seeking a relief; organic cotton contributes to 10% of the total cotton produced in the country

Union Textiles Minister Piyush Goyal on Friday said he is all for a freeze in fee hikes at the National Institute of Fashion Technology (NIFT). Speaking at the convocation of NIFT Mumbai at the Kharghar node, Goyal said the entire admission process also needs to be "replanned" in such a way that students enter on merit and are not asked about their fee-paying ability. Those who cannot afford the education will get scholarships which will also be increased, he said. "I have asked the governing council to consider a freeze for some time on your fees," he said, addressing the graduating students at the campus here," However, it was not clear if the proposal is only for the Mumbai campus or all the 18 campuses of the institute. As per the NIFT website, non-NRI students pay about Rs 3 lakh as fee for the two semesters in an academic year. Goyal said the 35-year-old institution also requires a facelift and promised to hold a call with architect Hafeez Contractor to give the 10-acre cam

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

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

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The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to USD 45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market. Labour-intensive sectors which would gain immensely include textiles and apparel, a few agricultural and fish products, leather, footwear, furniture, sports goods, jewellery, machinery, and electrical goods. Federation of Indian Export Organisations (FIEO) Vice-President Khalid Khan said that Australia is one of the key markets for Indian exporters. "This agreement will give immense

The 'Chitram Vastram' exhibition held in the National Museum here, records the journey of the Indian textile industry and sartorial styles through Jain manuscript paintings

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

Home textiles major Welspun India Ltd on Tuesday reported a 95.86 per cent decline in its consolidated net profit to Rs 8.33 crore for the second quarter ended September 30, mainly due to high input costs. It had posted a consolidated net profit of Rs 201.50 crore in the July-September quarter a year ago, Welspun India said in a regulatory filing. Its revenue from operations slipped 15.04 per cent to Rs 2,113.46 crore during the quarter under review. It was Rs 2,487.63 crore in the year-ago period. The company's total expenses in the September quarter fell 4.29 per cent to Rs 2,122.85 crore. Its revenue from home textiles was Rs 2,011.41 crore and Rs 159.59 crore from the flooring segment. Welspun Group Chairman BK Goenka said: "In view of the macro environment that continues to be challenging, the Company's operating and financial performance demonstrates the trust it enjoys among its global customers. This is evident in the growth registered by the company's brands portfolio and

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.

The already fragile Pakistan economy, hit hard by the devastating floods, now faces the shutdown of textile factories as the cotton crop has been destroyed

Tiruppur contributed around 54.2 per cent of the country's textile exports last fiscal

Cotton Council International executives say zero tariff regime should continue as it is beneficial to mills

Textile service company Lindstrom India, subsidiary of Lindstrom Oy, Finland, has ramped up its operations in the workwear service unit here as it aims to serve the growing demand in the southern parts of the country, a company official said on Wednesday. With the expansion in operations, the Chennai unit is expected to employ about 100 people, Lindstrom Group, President and CEO Juha Laurio said. The expanded workwear service unit at Singaperumalkoil, about 45 kilometres from here, will serve the growing demand in various segments including electronics, food industry, pharmaceuticals, healthcare and automobile industries in south India. "Chennai has been a strategic choice for us. In accordance with our strategy, we want to be located close to our customers and serve them in the markets where they operate. The state-of-the-art business unit in Chennai not only increases capacity by 100 per cent but it is designed to support Lindstrom's sustainability goals to be carbon neutral by ..

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

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Govt must focus on downturn in cotton production

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 ...

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 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 ...