29 July 2023, Mumbai

Arvind Mills reported a consolidated net profit of 658.7 million rupees ($8.04 million) for the quarter ending June 30, down from 984.2 million rupees the previous year.

Soft global textiles demand impact

The decline was primarily attributed to the struggling denim segment, which experienced a 39% drop in revenue due to low price realizations. While expenses reduced by 20.6%, analysts remained cautious about the global textiles demand outlook for the current year.

Optimistic outlook

Arvind remained optimistic about future improvements, aiming to enhance capacities, and sustainability initiatives, and reduce long-term debt.

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Alok Industries Limited, a prominent player in the industry, has disclosed its consolidated financial results for the quarter ended June 30, 2023.

The company reported a total income of Rs. 1415.66 crores for Q1 FY2024, indicating a decrease from Rs. 1569.72 crores in the previous quarter, a decline of 9.81%.

Amid challenging macro-economics

Despite challenging times, Alok Industries has shown some improvement in its performance as its net loss narrowed to Rs. -226.14 crores in Q1 FY2024, compared to Rs. -297.55 crores in Q4 FY2023, a reduction of 24.00%.

Y-o-Y

On a year-on-year basis, the company's total income declined by 28.93% from Rs. 1992.02 crores in Q1 FY2023 to Rs. 1415.66 crores in Q1 FY2024. However, the net loss increased by 59.73%, from Rs. -141.58 crores to Rs. -226.14 crores.

Share track

Alok Industries' stock traded at Rs. 16.02 on the BSE, with a total turnover of Rs. 18,65,35,270 and 1,170,176 shares traded during the day.

26 June 2023, Mumbai

The Vasantham Co-Optex showroom on Gandhiji Road underwent an impressive ₹60 lakh renovation Inauguration ceremony with government officials

Officially inaugurated on Wednesday in presence of Minister R. Gandhi, accompanied by Principal Secretary Dharmendra Pratab Yadav.

Dignitaries, emphasized Co-Optex's significant role in improving weavers' livelihoods.

Notably, 46 showrooms have been renovated in the past two years, amounting to a total investment of ₹13.35 crore.

Expands to major cities

Excitingly, major renovations costing ₹10 crore are currently underway in Chennai, Salem, Madurai, and Tirunelveli.

Minister Gandhi encouraged customers to take advantage of the opportunity to purchase handloom products at discounted prices of 10% to 20%, available both online and in-store.

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27 July 2023, Mumbai

South India's largest ‘B2B Expo’

The event, spanning three days till July 26, was inaugurated by esteemed Ministers R. Gandhi and S. Muthusamy, alongside MLAs E.V.K.S. Elangovan and A.G. Venkatachalam.

As the biggest B2B expo in South India, this showcase arrives just ahead of the festive season and Deepavali, attracting textile manufacturers and traders from various states.

Showcase of ‘Fashion & Trends’

With over 200 stalls displaying diverse fabrics, fashion, and cutting-edge trends, the event is a magnet for buyers, wholesalers, agents, and merchandisers. Notably, 150 associations have enthusiastically participated, making it a truly comprehensive and must-attend affair.

Must-visit event

The extravaganza will culminate with an enthralling fashion show on Tuesday, promising a delightful experience for all attendees.

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14 July  2023, Mumbai

Transformational; Indian Government Approves PM MITRA Textile Park in Gujarat, Aiming to Transform Textile Industry.

The Indian government has given the green light for the establishment of the Prime Minister Mega Integrated Textile Regions and Apparel (PM MITRA) Park in the Vansi-Borsi village of Navsari, Gujarat.

Attract significant investments

This ambitious project, backed by the Gujarat Industrial Development Corporation (GIDC), aims to revolutionize the textile industry in the state. The government will contribute 30% of the required ₹1,500 crore, while the park is expected to attract investments of around ₹10,000 crore.

Create job opportunities

With an area of 462 hectares, the PM MITRA Park will house common facilities and an integrated textile value chain, reducing logistics costs and enhancing productivity. This initiative aligns with Prime Minister Narendra Modi's vision of establishing India as a global textile manufacturing and export hub.

Momentous moments

The signing of the memorandum of understanding (MoU) between the Centre and the state, scheduled for tomorrow, will mark a significant milestone in this endeavor.

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24 June 2023, Mumbai

Welspun India Limited (WIL), a leading textile company, continues to excel in Environmental, Social, and Governance (ESG) performance, evident in this year's Sustainalytics' ESG risk ratings. Demonstrates commitment to ESG

With a notable score of 11.3, WIL has significantly improved from its previous year's score of 14.4, underscoring its commitment to integrating ESG into its business strategy. Sustainalytics, a prominent independent ESG and corporate governance research firm, evaluated WIL's performance in the Textile & Apparel category.

Milestone

Welspun India now ranks 9th out of 202 global participants, categorized as "Low risk." It stands as the top-ranked Indian company among its industry peers, reflecting its dedication to ESG initiatives such as decarbonization, water conservation, sustainable raw materials, and supply chain sustainability.

These efforts showcase WIL's determination to be a global leader in ESG practices. The assessment recognizes Welspun India's "Strong" ESG management, signifying the company's strategic integration of environmental, social, and governance factors in its operations and decision-making.

Building Responsible Ecosystem

These achievements further will motivate management to go the extra mile and think innovatively to preserve the environment while giving back to society.

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25 July 2023, Mumbai

Trident Limited has been granted a significant patent titled "Process of manufacturing a fabric with homogeneous pores" by the European Patent Office.

The patented manufacturing process

This pioneering invention involves the production of Air Rich yarn and fabric with pores distributed evenly throughout the cross-section, resulting in Air Rich towels and fabrics with exceptional qualities.

The novel fabric exhibits high wettability, quick absorbency, and easy dryability, and offers improved insulation by restricting the easy transmission of body heat through the fabric.

With this groundbreaking patent, Trident aims to deliver its innovative Air Rich towels, which outperform traditional fabrics in terms of water absorption and quick drying, to the global market.

Setting a new standard

The towels boast the unique ability to bloom after each wash, retaining their freshness and appearance even after numerous uses. The European Patent Office's recognition of this innovation reaffirms Trident's commitment to producing high-quality, cutting-edge products.

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12 July 2023, Mumbai

The Uttar Pradesh government has finalized the location for the Mega Textile and Apparel Park, a key initiative under the PM Mitra plan.

Expected to generate employment

The chosen site is the serene Atari village in Malihabad, Lucknow. Upon completion, the park is projected to provide employment opportunities for a staggering one lakh young individuals.

State-of-the-Art Park

To attract investments of Rs 10,000 crore, the Yogi Adityanath-led government plans to engage various investors in this landmark project. The park will boast state-of-the-art facilities, ensuring global competitiveness while prioritizing connectivity benefits.

Social infrastructure

The decision to select Atari was guided by its strategic proximity to Lucknow's major transportation routes, including four-lane highways NH-20 and SH-20, as well as a well-connected outer ring road.

In addition, the park will benefit from excellent rail accessibility, with Lucknow Railway Station and Malihabad Railway Station located within reasonable distances.

Moreover, the park's location near Kanpur Node's dedicated freight route, the inland container depot in Kanpur, and Lucknow International Airport will further facilitate logistical operations.

PPP

The park's development will be executed through a public-private partnership (PPP) approach, with a provision of Rs 300 crore for industrial units and Rs 500 crore allocated for essential infrastructure.

The project will be divided into three sections: general infrastructure, social infrastructure, and premium spaces, ensuring cutting-edge amenities for all stakeholders.

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25 July 2023, Mumbai

Indian Minister of Textiles, Commerce, and Industry, Piyush Goyal, recently spearheaded a strategic discussion at the Chintan Shivir event, outlining a visionary roadmap to propel India's textile sector to new heights.

Aspirational

The ambitious goal is to achieve $250 billion in textile production and $100 billion in exports by 2030. The event, organized by the Ministry of Textiles on July 18, 2023, brought together officers from all over the country to brainstorm innovative ideas and address the challenges faced by the industry.

An integrated approach is the need of the day

Goyal emphasized the need for an integrated approach, institutional reforms, and out-of-the-box thinking to enhance global competitiveness.

The discussions revolved around five crucial themes: boosting exports, increasing investments, scaling up operations, ensuring sustainability, and transitioning from natural to man-made fibers.

MoT

The event also saw Union Minister of State for Textiles, Darshana Jardosh, stressing the vital role of the textile industry in India's economic growth and calling for collective efforts to nurture growth in all segments of the value chain.

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03 July  2023, Mumbai

In a bid to bolster the export of manmade fibre textiles and technical textiles, the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) announced an upcoming industry delegation's visit to the United States.

Aims for ‘US Export Boost’

The chairman of SRTEPC, Bhadresh Dodhia, stated that the delegation would engage with prominent American companies to strengthen the export of these textile categories.

With India's manmade yarns and fabric exports declining by 10% to $788 million in FY23, compared to $878.34 million in FY22, the delegation aims to revitalize the market.

Drive exports to the next level

Dodhia emphasized that the US serves as a significant market for Indian manufacturers of technical textiles, as it offers high-quality raw materials like specialty yarns, aramid yarns, and filter fabrics.

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