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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04 February 2022, Mumbai:

Huntsman Textile Effects, a global leader in ecologically friendly dyes, chemicals, and digital inks, has successfully adopted a water conservation method at its Baroda facility to increase water efficiency and minimize net water consumption.

This conservation scheme has the potential to save the corporation Rs. 10 crore (US $146,000) every year. It adds directly to Huntsman's Horizon 2025 aims of lowering net water use at operations in water-stressed areas.

According to a press statement from the firm, the project at the factory seeks to save 76 kilolitres of Reverse Osmosis water each day by changing the phase sequence in the pH testing software.

"At Huntsman, we recognise the essential role we play in building a more sustainable future and are devoted to the well-being of the communities where we work and the protection of the environment," said Mark Devaney, VP, Manufacturing and Operations Excellence, Huntsman Textile Effects. We're always searching for methods to enhance our manufacturing facilities' environmental footprints, and we've implemented a number of water-saving projects in recent years."

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

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. 

03 February 2022, Mumbai:

Operational guidelines for the Production Linked Incentive (PLI) Scheme for Textiles were issued on 28^th December 2021. The approved outlay of the scheme isRs. 10,683 crore.Empowered Group of Secretaries (EGoS), as constituted and Notified vide gazette No. P 36017/144/2020-

Investment & Promotion dated 10.06.2020 issued by the DPIIT will monitor the implementation of the scheme. The composition of the EGoS for monitoring of PLI for Textiles will be as under:

Cabinet Secretary, Chairperson

1. CEO, NITI Aayog, Member
2. Secretary, Department for Promotion of Industry and Internal Trade, Member Convenor
3. Secretary, Department of Commerce, Member
4. Secretary, Department of Revenue, Member
5. Secretary, Department of Economic Affairs, Member
6. Secretary, Ministry of Textiles

The EGoS chaired by the Cabinet Secretary will monitor the progress of this PLI scheme; undertake periodic review of the outgo under the Scheme; ensure uniformity with other PLIs and take appropriate action to ensure that the expenditure is within the prescribed outlay.

EGoS is also empowered to make any changes in the modalities of the scheme, and address any issue related to genuine hardship that may arise during the course of implementation, within the overall financial outlay of Rs 10,683 crore.The scheme shall be valid upto 2029-30. The gestation period of the scheme is two years i.e. FY: 2022-23 to FY: 2023-2024.

This information was given by the Minister of state for Textiles Smt. DarshanaJardosh in a written reply in the Lok Sabha today.

CREDITS: PBI

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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. 

04 February 2022, Mumbai:

Four bidders on Sintex Industries Limited, an insolvent textile firm, have submitted amended resolution plans to the company's resolution expert for review.

Sintex said on February 2 that each of the four main bidders for the firm has filed a fresh proposal after Sintex's interim resolution specialist requested them to come back with more favorable resolution plans. The fresh resolution ideas will be presented to Sintex's creditors committee for further consideration after they have been evaluated.

Reliance Industries Limited (in association with Assets Care and Reconstruction Enterprises Limited), Welspun's Easygo Textiles, GHCL, and Himatsingka Ventures are the four bidders for Sintex (in partnership with Shrikant Himatsingka and Dinesh Kumar Himatsingka).

Sintex's resolution expert had judged all of the bidders' proposals to date to be insufficient, and had urged larger offers to keep Sintex from going into liquidation.

Sintex began as Bharat Vijay Mills, a composite textile plant in Kalol, Gujarat, in the 1930s. The company was renamed Sintex Industries in the 1970s, and it specialized in cotton yarn and fabric manufacture.

The National Company Law Tribunal's Ahmedabad bench granted Invesco Asset Management's insolvency procedure petition in April 2021, despite the fact that the company had gone insolvent.

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

03 February 2022, Mumbai:

Government is implementing various schemes viz the Amended Technology Upgradation Fund Scheme (A-TUFS), Schemes for the development of the Powerloom Sector(Power-Tex), Scheme for Integrated Textile Parks (SITP),SAMARTH-

The Scheme for Capacity Building in Textile Sector, Jute (ICARE- Improved Cultivation and Advanced Retting Exercise), Integrated Processing Development Scheme (IPDS), Silk Samagra, National Handloom Development Programme, National Handicraft Development Programme, Integrated Wool Development Programme (IWDP), National Technical Textile Mission etc. for promotion and development of textile sector on pan-India basis.

The details of funds allocated/released under various textile sector schemes during the last three years and current year are at Annexure.  These are ongoing central sector schemes and are totally funded by the Central Government.

Textile industry is one of the largest source of employment generation in the country with an estimated 45 million people engaged directly in this sector including a large number of women and rural population.

CREDITS: PBI

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