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. 

05 February 2022, Mumbai:

Proposals were invited from State Government Agencies Industry Associations for undertaking training programmes under the Samarth Scheme.

After evaluation of these proposals, the Ministry of Textiles has partnered with 13 State Government Agencies, 92 Textile Industry, 10 Industry Associations/ Councils and 4 Sectoral Organizations of Ministry of Textiles for training of 3.46 lakh beneficiaries in textile sector, allocated after physical verification of training centers.

Fresh proposal for empanelment under the scheme has been invited in September 2021. In response, 72 proposals have been received upto closing date of receipt of the proposal i.e. 02.11.2021.

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

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. 

05 February 2022, Mumbai:

The National Council of Textile Organizations (NCTO), representing the full spectrum of U.S. textiles from fiber through finished sewn products, issued a statement today welcoming House passage of the America COMPETES Act, a legislative package that will help close the de minimis loophole on duty-free imports from China and also renew the Miscellaneous Tariff Bill (MTB), both important provisions to U.S. textile manufacturers.

“We commend the House for passing this sweeping legislation, which contains several critical trade provisions beneficial to American manufacturers,” said NCTO President and CEO Kim Glas.

“This legislation contains a provision that would effectively prohibit China from exploiting the Section 321 de minimis mechanism in U.S. trade law, a win for U.S. textile producers and workers.

“We sincerely thank Congressman Earl Blumenauer (D-Ore.) for working diligently to include and preserve his Import Security Fairness Act in the underlying U.S. competitiveness bill.

This bill would help close the de minimis loophole, which allows imports valued under $800 to come into the United States without paying duties and taxes, bypassing inspections by U.S. Customs and providing a backdoor to Chinese goods produced with forced labor. 

The loophole has not only fueled the rise of imports from foreign e-commerce companies and mass distributors, but it has also put our domestic manufacturers and workers at a competitive disadvantage.”

In closing, NCTO’s Glas stated: “NCTO worked closely with our allies in the House on these provisions in the underlying bill and we commend their hard work and support. 

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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. 

05 February 2022, Mumbai:

Homes textiles major Welspun India Ltd on Thursday reported a 25 percent decline in consolidated net profit at Rs 131.06 crore for the third quarter ended December 2021.

The company had posted a consolidated net profit of Rs 174.8 crore in the same quarter last fiscal, Welspun India said in a regulatory filing.

Consolidated total income in the third quarter stood at Rs 2,437.92 crore, as compared to Rs 2,049.71 crore in the same period last fiscal, it added.

Total expenses were higher at Rs 2,234.95 crore as against Rs 1,800.83 crore in the year-ago quarter.

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*Figures mentioned in the above article have been sorurced from ET & 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. 

05 February 2022, Mumbai:

Textile Secretary Upendra Singh on Friday said the "sustainable solutions are the key for healthy growth and an enduring future of the textile industry in the country Singh said the Indian Textile Industry increasingly faces many challenges in the 21st Century and some of the key challenges include the emission of green-houses gases (CHG) and wastage of water during the processing of cotton and other raw materials.

The secretary was speaking in a roundtable conference organized by SWITCH-Asia Regional Policy Advocacy Component (RPAC) in partnership with the TERI School of Advanced Studies, New Delhi, and UNEP here. "To ensure an enduring future for this integral industry, sustainable solutions to these challenges are necessary as soon as possible, he said.

Taking about the contribution of the sector in the country's GDP growth, he said with a contribution of 2.5 percent in the GDP and being the second-largest employers in the country which is around 10.5 crore people directly or indirectly associated with the industry, Indian textile industry is marred by challenges and require sustainable solutions to ensure healthy growth.

" Rising concern is over the water management, he said reducing water footprint and making the sector resource-efficient by reducing pollution is needed. During the event, Dr. Michael Bucki, Counsellor at the EU Delegation to India and Bhutan, said India can also achieve the desired growth in the textile industry with the help of policy optimisation and technologies as Europe has been able to address the issue.

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

04 February 2022, Mumbai:

Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today announced a new supply chain coalition of denim leaders to improve critical data incorporated into the Higg Material Sustainability Index (MSI), the apparel industry’s most widely used tool to measure and assess the impact of products on the environment.

As a part of these efforts, Arvind Limited, India’s leading lifestyle and fashion conglomerate, and Cone Denim, a global leader in denim authenticity and sustainable innovation, will share key data from the denim dyeing process that is currently not factored into the Higg MSI. The companies plan to roll out the updated Higg MSI tool for all apparel brands by summer 2022.

“The Higg MSI is the most comprehensive tool on the market for evaluating the environmental impact of apparel and footwear materials and was designed to evolve as new data becomes available, helping shift the industry at scale,” said Jeremy Lardeau, VP Higg Index at the Sustainable Apparel Coalition.

“We’re excited to add denim-dyeing related process impacts to the Higg tool for all apparel companies to use."

The Higg MSI measures environmental impact across five areas: global warming potential, pollution in water, chemistry, water scarcity, and fossil fuel depletion.

“Data driven decisions produce the best outcomes,” said Dhruv Agarwal, Senior Director of Global Innovation, Sustainability, and Product Development at Kontoor Brands. “We believe the Higg MSI is an invaluable tool for assessing the environmental impact of processes and materials utilized in our products.

Through this work, our industry will be able to have a more complete picture of denim's impact, and our product development teams will have better insight into the environmental footprint of our products, empowering us to make more sustainable design choices.”

Kontoor, Arvind, and Cone are committed to building upon the denim-related information within the Higg suite of tools to further standardize measurements of value chain sustainability and provide greater transparency to apparel companies during product design and development.

“We are excited to explore and advance tools and resources, like the Higg MSI, that align with our customers’ goals to design and produce sustainable apparel,” said Steve Maggard, president of Cone Denim. 

About Kontoor Brands

Kontoor Brands, Inc. (NYSE:KTB) is a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands: Wrangler® and Lee®. Kontoor designs, manufactures and distributes superior-high-quality products that look good and fit right, giving people around the world the freedom and confidence to express themselves. 

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