Textile Sector

India cotton exports have created artificial shortage

India cotton exports have created artificial shortageMr. Shishir Jaipuria, Chairman of the Confederation of Indian Textile Industry (CITI) has stated that the export of 5.5 million bales of cotton from India has created an artificial cotton shortage in India. The export was done during the early part of this cotton year.

Crisis in spinning industry

Crisis in spinning industry

Confederation of Indian Textile Industry (CITI) said on Wednesday that country’s spinning mills will be shut down for a day on May 23 and from May 24; they will cut down the production of cotton yarn for a week to save the pieces and desperate bid to arrest piling inventories.

Shishir Jaipuria, chairman, CITI said that shut down for one day will cut the cotton yarn production by 10 million kg and then for the entire week, the production will fall short by 3.3 million kg every day. At present, there are 500 million kg inventories of cotton yarn.

Mills welcome freeing of yarn export

Mills welcome freeing of yarn exportMills will enjoy relief on elimination of restriction on yarn exports. Spinning mills said that this step would improve the position of yarn industry in the market. Welcoming the decision would bring hike in prices of yarn and non-availability of yarn in the local market, predicted by garment makers.

Textile exporters seek more sops

The finance ministry has been urged by Tirupur Exporters Association (TEA) to make new sanctions under Textile Upgradation Fund (TUFs) scheme. It has requested, not to freeze the projects in pipeline for the benefit of the entire textile industry.

Aarvee Denims' net profit rises by 890%

Aarvee Denims' net profit rises by 890%

Aarvee Denims & Exports Limited (ADEL) has declared its fourth quarter financial results for the fiscal year 2009-10 and it has managed to post an impressive almost nine-fold rise in net profit figure.

The company has posted a consolidated net profit of Rs 22.97 crore for the quarter that ended in 31st March, 2010.

The consolidated net profit was reported to be Rs 2.32 crore for the same quarter in the financial year 2008-09. This net profit figure has grown up by 890% in this quarter as compared to the same quarter in the last fiscal.

S Kumars net profit rises by 42%

S Kumars net profit rises by 42%

Leading textile firm S Kumars Nationwide Ltd (SKNL) has declared its year-end financial results for the fiscal year 2009-10 and it has posted an impressive rise in net profit figure.

The company has registered a net profit of Rs 277.30 crore for the year that ended in 31st March, 2010.

The consolidated net profit was reported to be Rs 195.10 crore for the financial year 2008-09. This net profit figure has grown up by 42.1 % in this year as compared to the last fiscal. This has been informed by the firm in a filing at the Bombay Stock Exchange.

Pradip Overseas annual net profit Rs 68.99 crore

Pradip Overseas annual net profit Rs 68.99 crore

Leading textile company Pradip Overseas has declared its annual financial results for the fiscal year 2009-10 and has registered an impressive net profit.

The company has posted a net profit of Rs 68.99 crore for the quarter that ended in 31st March, 2010.

The net profit was reported to be Rs 44.37 crore for the same quarter in the financial year 2008-09. This net profit figure has grown up by 55.49% in this quarter as compared to the same quarter in the last fiscal. This has been informed by Pradip Overseas in a statement.

Grasim net profit up 15%

Grasim net profit up 15%

On Friday, Grasim Industries announced its fourth quarter results. The net profit was up by 15 per cent.

On the consolidated basis, the profit was at Rs. 654 crore against Rs. 569 crore for the last year.

Net revenue on a consolidated basis was up by 11 per cent and was at Rs. 5,475 crore. This is higher than the Rs. 4,942 crore figure that the company achieved last year.

Century Textiles suspends production of tyre yarn

Century Textiles suspends production of tyre yarn

Century Textiles & Industries Ltd has declared partial suspension of its tyre yarn production. The suspension will take place in stages and the first stage will be done from today.

The tyre yarn was produced at the Century Rayon plant in Kalyan, which will be closed till further notice.

Century is a diversified company and has many businesses including tyre production. The reason sited for this decision, as told by the company, was that the tyre business of the company has not been doing very well.

Suryalakshmi shows 16% hike in turnover

Suryalakshmi shows 16% hike in turnover

A textile major in South India, Suryalakshmi Cotton Mills Ltd. has declared its fourth quarter financial results for the fiscal year 2009-10 and has managed to register a strong result and improved financial performance.

The company has posted a profit before tax (PBT) of Rs 7.93 crore, for the quarter that ended on 31st March, 2010. The profit after tax (PAT) of the company was reported to be Rs 4.35 crore for this quarter.