10 February 2022, Mumbai:

Ministry of Textiles has been providing subsidy support to textile industry, including Micro, Small and Medium Enterprises (MSMEs) and small textile manufacturing units across the country through schemes such as Amended Technology Upgradation Fund Scheme (ATUFS) and Powertex India.

ALSO READ: Amended Technology Upgradation Fund Scheme (ATUFS): In the last three years, Total Capital Investment subsidy of Rs. 615.65 crore released in 2388 cases

Details of support provided under the schemes are given in Annexure-I.

Details of textile units provided support under ATUFS and Powertex India Scheme.

This information was given by the Minister of State for Textiles Smt. Darshana Jardosh in a written reply in the Lok Sabha today.

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*Figures mentioned in the above article have been sourced from PIB article. 

09 February 2022, Mumbai:

Shares of Indo Count Industries hit an eight-month low, down 4 per cent at Rs 204 on the BSE in Wednesday’s intra-day trade, falling 14 per cent in the past three trading days after the company's PAT declined 23 per cent year-on-year at Rs 71.2 crore on the back of exceptional expenses worth Rs 21 crore.

The stock of the textiles company was trading at its lowest level since July 2021. In the past one month, it has underperformed the market by falling 22 per cent, as compared to a 2.4 per cent decline in the S&P BSE Sensex.

The stock has corrected 35 per cent from its 52-week high level of Rs 315 touched on October 11, 2021.

In Q3FY22, the company’s total income declined 1 per cent YoY at Rs 787 crore. Earnings before interest tax and depreciation and amortization (ebitda) margin improved 60 bps at 18.6 per cent. Volumes declined 12 per cent YoY to 21.1 million metre.

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*Figures mentioned in the above article have been sourced from Business Standard & Money Control article. 

08 February 2022, Mumbai:

Aslam Shaikh, Maharashtra's State Textile Minister, announced that the government has chosen to postpone its plan to end electricity subsidies to mid-sized powerlooms.

The powerloom operators have opted not to pay their electricity bills in order to put pressure on the government. In response to the demand, the Minister went to Ichalkaranji, a textile town, and spoke with stakeholders. Notably, the powerloom operators got bills for January without the subsidy amount removed.

The electricity subsidy for powerlooms that did not register their information on the textile department's special web portal has been halted by the state government. This had a deadline of December 31, 2021.

"The decision to end subsidies has been temporarily postponed." We are simplifying the online registration procedure, which will be completed in a month. I request that the powerloom operators pay their electricity bills at the discounted rates.

Also, I guarantee the powerloom operators that a proposal to enhance the subsidy on power utilized by 75 paise per unit would be presented to the state cabinet shortly," Shaikh added.

Meanwhile, the Maharashtra government has formed a five-member commission to investigate the requests of the state's powerloom operators. From January 1, approximately 9,000 mid-sized powerlooms in Kolhapur with a 27 HP electrical connection would be ineligible for the power subsidy. The state government provides a 3% subsidy on powerloom operators' power costs.

The state government spends around Rs. 150 crore on the subsidies.

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*Figures mentioned in the above article have been sourced from TOI article. 

10 February 2022, Mumbai:

The Government of India fixed an Export Target of US$ 400 Billion for the current financial year (2021-22) and Hon'ble Prime Minister while declaring this target had interacted and addressed all stakeholders on 6th August 2021.

As per the available export data upto January, 2021, India's commodities export has been USD 335.44 Billion (83.86 % of the annual target) and with the same rate, it is estimated to touch the figure of US$ 400 Billion.

For North-Eastern Aisa (NEA) region, commodities export till January 2022 has been around USD 38 billion, accounting for around 82% of the export target set for the NEA region.

In case of MMF and MMF blended textiles, the export till January 2022 has been around USD 141 million, accounting for around 81% of the export target set for the region. However, exports of MMF and MMF blended textiles to Japan which is one the major importing countries of these textiles, were only US$ 17 million against the export target of US$ 34 million set by the Ministry.

ALSO READ: GST revised: Apparel would cost 20% higher, causing a major reaction from the Indian sector

It is pertinent to mention that under the Comprehensive Economic Partnership Agreement (CEPA) between India and Japan was signed on 16th February 2011 and came into force from 1st August of the same year, the entire MMF textile value chain covered under chapters 54,55,56, 58, 59, 60 and 63 enjoy Duty Free Market Access to Japan, which means that while exporting the MMF and MMF blended textiles from India to Japan, there is no import/ customs duty in the Japanese side.

Though, the Japanese market has huge export potential for the MMF and MMF blended textiles, we are unable to tap the opportunity.

In order to help the Member-exporters of this Council to avail the Zero Duty benefits while exporting to Japan under the ongoing India-Japan CEPA, it is to further that a Memorandum of Understanding (MoU) was signed in January 2021 between Textiles Committee, Ministry of Textiles, India and M/s Nissenken Quality Evaluation Centre, Japan for improving quality and testing of Indian textiles and Clothing for catering to the Japanese market. The Centre is sent up in Jaipur, Rajasthan and known as Nissenken Quality Evaluation India.

In view of the above, Member-exporters are requested to focus on exporting to the Japanese market and increase India’s market share. In case the Member-exporters face any other challenges in exporting to Japan, then may write to the Council.

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09 February 2022, Mumbai:

From April-December 2021, dyes and intermediates exports surged by 25 per cent as demand from international markets increased. As per data by Basic Chemicals, Cosmetics & Dyes Export Promotion Council (Chemexcil), India’s dyes exports touched 4.08 lakh MT from April to December 2021, compared to 3.26 lakh ton in the same period of 2020.

Gujarat accounted for an estimated 70 per cent of dye and intermediate production in the country, says Bhupendra Patel, Chairman, Gujarat region, Chemexcil.

While dye exports surged, dye intermediates declined during the same period. Reduction in exporters incentives under the duty drawback scheme and the MEIS scheme made manufacturers less competitive in the international market, adds Patel.

Even though April-December exports surged, manufacturing capacities are currently underutilized for dyes and intermediates manufacturers, owing to steep rise in raw material costs.

Rise in raw material costs by 60 per cent has increased exporters’ costs of operations. This has also reduced their capacities, adds Yogesh Parikh, President, Gujarat Dyestuff Manufacturers’ Association (GDMA).

With textile industry sales taking a hit, the overall demand for dyes have also declined.

Export demand has also gone down due to the Chinese New Year holiday across China, Hong Kong and other countries, Parikh adds.

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06 February 2022, Mumbai:

The company has posted net profit / (loss) of Rs. 1.1065 crores for the period ended December 31, 2021 as against net profit / (loss) of Rs. -2.6437 crores for the period ended September 30, 2021.

The company has reported EPS of Rs. 0.20 for the period ended December 31, 2021 as compared to Rs. -0.48 for the period ended September 30, 2021.

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*Figures mentioned in the above article have been sourced from Equity Bulls article. 

10 February 2022, Mumbai:

Confederation of Indian Industry (CII) in partnership with the Ministry of Textiles is organising the International Conference on Technical Textiles - Creating the Winning Leap in Technical Textiles on 12 March 2022 over the virtual platform.

The digital conference will focus on Geo Textiles, Agro Textiles, Specialty Fibres, Protective Textiles, Sports Textiles, Smart Textiles, and Medical Textiles in sync with the National Technical Textiles Mission (NTTM) through parallel sectoral sessions.

 READ MORE: NATIONAL TECHNICAL TEXTILES (NTT) MISSION: 20 Projects Get approval

The Conference will deliberate on key areas like Market Development, Boosting Demand, Export Promotion, Research, Innovation and Development (RID) and Education, Training and Skill Development of the Technical Textiles Sector. 

The parallel sectoral session of the conference will emphasize on the applications, identification of technology gaps that needs to be addressed for the growth of the Indian Technical Textiles sectors through Government-Industry and Academia partnership apart from policy recommendations to the Government of India.

Shri Piyush Goyal, Hon’ble Minister of Commerce & Industry, Textiles and Consumer Affairs & Food & Public Distribution, Government of India has kindly agreed to address and interact with the industry leaders, experts and participants at the conference.

The Conference would bring together Industry leaders, experts, key stakeholders and policy makers from various user Ministries to discuss and deliberate upon the evolving scenario in technical textiles manufacturing in India and also exchange ideas and global views on the future growth and development of the sectors.

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06 February 2022, Mumbai:

The company has posted net profit / (loss) of Rs. 0.8823 crores for the period ended December 31, 2021 as against net profit / (loss) of Rs. 1.3567 crores for the period ended September 30, 2021.

The company has reported EPS of Rs. 0.91 for the period ended December 31, 2021 as compared to Rs. 1.41 for the period ended September 30, 2021.

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*Figures mentioned in the above article have been sourced from Equity Bulls & Money Control article. 

10 February 2022, Mumbai:

The Ministry of Textiles (MoT) wants garments and made-ups to be included in the early harvest agreement being negotiated between India and the United Kingdom as a prelude to a full-fledged Free Trade Agreement (FTA).

It's worth noting that clothing exporters from Bangladesh, Vietnam, and Pakistan benefit from a tariff advantage of roughly 10% to 11% thanks to specific programmes that they qualify for.

If India and the United Kingdom agree on tariff reductions, Indian exporters' competitiveness will skyrocket. According to a report in the top business daily, BusinessLine, the Ministry of Transportation has advised the Commerce Ministry to focus on having garments included in the early harvest programme being discussed with the United Kingdom. 

ALSO READ: RBI article: To push Indian apparel exports, pursue FTAs

In the UK market, there is a big opportunity for the garment business. On the other hand, India's textile imports from the United Kingdom are quite low, and the local sector will not be harmed if taxes are reduced on the Indian side as well.

According to official figures, the overall import of garments in the UK in 2019 was the US $24.9 billion, with India accounting for just US $1.4 billion and Bangladesh accounting for the US $3.6 billion.

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*Figures mentioned in the above article have been sourced from Business Line & Apparel Resources article. 

08 February 2022, Mumbai:

From January 2022 through December 2024, Huntsman, a global manufacturer and marketer of specialized chemicals, has kept the highly regarded Responsible Care® certification.

The business stated in a statement that this accreditation is awarded following a thorough examination by industry professionals and examiners.

Huntsman India will be able to use the Responsible Care mark until 2024 and will be included in the Indian Chemical Council's (ICC) accreditation list for production and distribution activities in India.

"It is gratifying to earn this highly-coveted accolade from ICC," said Rahul Tikoo, MD, Huntsman Corporation's South Asia Region.

And it's a monument to our team's ability to be flexible and push the boundaries of what's possible in order to safeguard our people, communities, and environment while working toward our 2030 Sustainability Goals. This is one of several milestones in Huntsman's efforts to develop world-class sustainable manufacturing operations.``

Huntsman Corporation is a founding member of Responsible Care, the industry's performance programme for environmental, health, safety, and security. This initiative assists member organizations in improving employee safety, supporting local communities, and protecting the environment while also improving performance.

"At Huntsman, we consistently aim to enhance our operations as per the guiding principles of Responsible Care," stated Kamlesh Kushalkar, Head Corporate EHS, Huntsman International.

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*Figures mentioned in the above article have been sourced from Polymer Update article. 

06 February 2022, Mumbai:

KPR Mill reported a 35.5% rise in consolidated net profit to Rs 211.77 crore on a 35.59% increase in revenue from operations to Rs 1260.48 crore in Q3 FY22 over Q3 FY21.

Profit before tax jumped by 29.8% to Rs 283.2 crore in Q3 FY22 from Rs 218.2 crore posted in Q3 FY21. Total expenses surged 39% to Rs 1002.65 crore in Q3 FY22 as compared to Rs 721.3 crore reported in the same quarter last year.

Meanwhile, the company's board announced a buyback of 22,36,000 equity shares, for an aggregate amount not exceeding Rs 179.99 crore.

The total buyback shares represent 9.53% of the total paid-up equity capital of the company. The buyback is proposed to be made at a price of Rs 805 per share. The buyback price is 16.72% premium to the current traded price.

 

As on 4 February 2022, promoters held 74.72% stake in the company.

About KPR Mill

KPR brings in the finest range of 100% organic inner wear and athleisure wear for the Indian market under the brand name FASO. Our three decades of garmenting excellence as well as passion for quality fashion garments has helped us to achieve a distinctive style and comfort wear in the inner garments.

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*Figures mentioned in the above article have been sourced from Business Standard & Money Control article.