The government aims to achieve textile exports of $60 billion for the next financial year, thanks to sustainable growth in garment and apparel exports.
For the current financial year, the government has set a textile exports target of $43 billion. The target for the next year is therefore represents a year-on-year increase of more than 30 per cent.
Textile Minister K S Rao said it would not be a hard proposition to boost textile exports to achieve the exports target of $60 billion by end of March 2015.
Nearly a third of India’s total textile factories remained non-operational as of 2010-11, leading to a drastic increase in job losses in the sector, a newly published study by the Associated Chambers of Commerce and Industry of India (Assocham) revealed.
In its latest report, industry body Assocham said that nearly 30 per cent of the textile factories across the country remained non-operational between 2000 and 2011. As of 2011, there were 17,987 textile factories across the country, of which nearly 5,300 were non-operational.
Jaya Shree Textiles, a subsidiary of Aditya Birla Nuvo Limited, is mulling a plan to further expand its capacity at its West Bengal-based linen factory.
Rishra plant, which is located nearly 30 kilometers from Kolkata, is already undergoing a capacity expansion from 7 million metres. The ongoing capacity expansion is expected to complete by August this year.
On Tuesday, the National Textile Corporation’s (NTC) Chairman K. Ramachandran Pillai has announced to go for diversification and expansion. It has been told that the government-owned company would be setting up Rs. 60 crore facility at Hassan in Karnataka.
For the same the company is conducting talks with top companies in Germany and Italy to buy the necessary state-of the art machinery for diversifying into processing field. It has come to light that the company, in the last fiscal year, recorded sales of Rs 675 crore and a gross profit of Rs 1,500 crore.
The Technical textile maker SRF Limited has announced its third quarter financial results and its net profit has gone up over four-fold.
The net profit of the company has been recorded Rs 171.17 crore for the third quarter ended December 31, 2010.
The company had posted a net profit of Rs 37.60 crore for the same quarter in the preceding year. This fact has been as informed by SRF Limited in a filing to Bombay Stock Exchange (BSE).
The total income of the company was at Rs 844.12 crore for the third quarter ended December 31, while in last fiscal period it was Rs 490.07 crore.
Power business to boost profitability and reduce sector specific risk
Nakoda has a small presence in the renewable energy space through its 6.75 MW wind power project in Tamil Nadu which was commissioned on October 2010. It plans to commission another 5.25 MW of wind power from its second project located in Madhya Pradesh in March 2011. In CY2012, we expect revenues of Rs 12.68 crore and profits of Rs 5.69 crore from the wind power business.
In Phase 1 of its Rs 333 crore expansion that has been completed, Nakoda has established a 1,40,000 TPA Continuous Polymerization Plant (CPP) which will cater to the needs of the downstream expansion POY) besides expanding margins by 190 bps. FDY & DTY stand at 59,500 (+ 205%) & 29,870 (+ 2692%) tpa respectively while production from these capacities is expected to stabilize by the middle of Q1CY2011.
Technical analyst Rakesh Bansal of New Age Wealth has maintained 'buy' rating on Alok Industries Limited with an intraday target of Rs 30.
According to analyst, the investors can buy the stock with a stop loss of Rs 25.
The stock of the company, on December 30, closed at Rs 26.30 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 35 and a low of Rs 18 on BSE.
Current EPS & P/E ratio stood at 3.55 and 7.69 respectively.
Technical analyst Ashish Chaturmotha of Anand Rathi Securities has maintained 'buy' rating on Arvind Limited stock with a target of Rs 61.
According to analyst, the investors can purchase the stock with a stop loss of Rs 54.
The stock of the company, on December 15, closed at Rs 56.30 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 68.60 and a low of Rs 30.35 on BSE.
Current EPS & P/E ratio stood at 3.19 and 18.11 respectively.
Technical analyst Prasad Kushe has maintained 'hold' rating on Alok Industries Limited with a stop loss of Rs 21.
The analyst said that the investors can exit on rally to around Rs 27-29.
The stock of the company, on December 13, closed at Rs 25.20 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 35 and a low of Rs 18 on BSE.
Current EPS & P/E ratio stood at 3.55 and 7.08 respectively.
A site at the cotton market in Khammam in Andhra Pradesh on October 13, 2010, the textile industry has required Prime Minister Manmohan Singh’s interference for making sure accessibility of cotton for family firms in the stir of government consent to export 55 lakh bales.
The textile industry has required Prime Minister Manmohan Singh’s interference for making certain accessibility of cotton for domestic firms bearing in mind that exporters registered 55 lakhs bales of cotton for exports within 10 days of the administration beginning the process.
Bhilware based Sangam India Ltd (SIL) is the largest player in the Indian poly viscose (PV) yarn market. At present, Sangam India has 162720 spindles of polyester-viscose dyed yarn and 31,200 spindles for cotton yarn installed in Bhilwara along with 257 weaving machines and a 31 MW thermal power plant.
Key Investment Rationale:
Favourable Shift Towards PV-Yarn as the Cotton prices rise:-
Stock market analyst Rajesh Gupta of Fairwealth Securities has maintained 'buy' rating on Suryalakshmi Cotton Mills Ltd stock with a target of Rs 111.5.
According to analyst, the interested investors can buy the stock around Rs 107.5-108.5 with a strict stop loss of Rs 106.5.
The analyst added that the medium term target for the stock will be Rs 140.5.
The stock of the company, on Sep 09, closed at Rs 107.50 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 110 and a low of Rs 23.70 on BSE.
Sutlej Textiles and Industries Limited (STIL) was incorporated in the year 2005. The company is a part of K. K Birla Group having interest in diverse fields like Fertilizers, Engineering, Textiles, Sugar, Tea, Coffee, Food Products, Media, Information Technology, Biotechnology and Shipping.
The Cotton Advisory Board (CAB) meeting in Mumbai on 27th August 27 will most probably indicate the estimates of the surplus of cotton that can be exported for the coming cotton season (i. e., October 2010 to September 2011).
An appeal has been made by the domestic textile industry to the Union Government asking them to determine the amount of surplus cotton that can be exported, and to permit the exports in installments only so that good quality of cotton is there for the industry at affordable rates all through the season.
Leading textile firm DCM has announced its first quarter financial results for the fiscal year 2010-11.
According to the report, it has registered a mammoth five fold net profit rise in the quarter under review. The firm is a leading player in manufacturing and distributing of cotton and synthetic yarns, textiles, aluminum and grey iron castings.
DCM has posted a net profit of Rs 5.67 crore for the quarter that ended in 30th June, 2010 which is almost five times of the net profit figure of the similar quarter in the last fiscal.
India's leading textile firm, Raymond Ltd's has announced its financial results for first quarter of the fiscal year 2010-11. The company has informed that, in this reviewed quarter it has managed to narrow its loss figures as compared to last year report.
The net loss of the firm was reported to be Rs 24 crore for the first quarter of the current year.
For the same period of time, the net loss was Rs 32 crore in the previous year. Hence the company has managed to reduce the loss figure to 25% in the current year against last year.
Sutlej Textiles and Industries have announced its April-June quarter financial results for the fiscal year 2010-11. According to the report, it has registered a significant three fold net profit rise in the reviewed quarter.
Sutlej Textiles and Industries have managed to post a net profit of Rs 15.54 crore for the April-June quarter of the year that ended in 30th June, 2010 which is almost three times of the net profit figure of the similar quarter in the last fiscal.
There are rumors that Mukesh Ambani is going to completely buyout the Bombay Dyeing brand from the Wadia family. It would end the bittersweet rivalry between the two big business families in India- Wadia and Ambani.
But for the deal to be in its favor, Reliance Industries (RI) needs to fight it out with the Indo Rama and JBF Industries.
The polyester plant of Bombay Dyeing, which is center for the contest, is a loss making unit and had been the reason for the fight between the two families since 1980's.
India’s leading Textile products manufacturer Shri Lakshmi Cotsyn has announced its fourth quarter financial results for the fiscal year 2009-10 and has managed to post an impressive net profit.
The firm has posted a net profit of Rs 25.40 crore for the quarter that ended on 31st March, 2010. It was reported as Rs 15.65 for the fourth quarter last year. This net profit figure has been 62.30% up as compared to the same quarter in the preceding year.
- Marathon Pharma to sell decades-old drug to treat DMD for $89,000
- FedEx Launches FedEx Fulfillment for Small Business to Compete with Amazon
- CDC updates 2017 advisory for recommended flu shots
- Coca-Cola Helped by Strong North American Demand but Company Issues Lackluster Future Guidance
- Women with dense breasts more likely to develop breast cancer: study