28 January 2022, Mumbai:

The board has approved a second interim dividend at the rate of 47.5 percent amounting to Rs4.75 per share.

 27 January 2022, Mumbai:

Delaware-based THERMOLITE® EcoMade fiber, created entirely of textile waste, has been released by the LYCRA Company, which develops and manufactures fiber and technology solutions for the garment industry.

According to the firm, the new batting fiber is the most recent sustainable solution from one of the most well-known warming technology brands in the world.

KEY HIGHLIGHTS

• Lycra develops & manufactures fiber, technology solutions for the garment industry
• Arguably the new batting fiber is the most recent sustainable solution 
• This novel warming technique recycles textile waste from cutting room floors
• Arnaud Ruffin, VP Brands, Retail," It gives great warming performance"

This novel warming technique recycles textile waste from cutting room floors, which would otherwise be disposed of or burnt, and transforms it into high-performance insulating fibers. 

Before becoming a final product, cloth scraps are gathered from garment producers and put through a four-step procedure. Depolymerization and refining, chip manufacture, fiber synthesis, and finally batting and insulation production are all part of the process.

"Our novel textile waste fiber may be utilized in unique batting compositions to give great warming performance imbued with unsurpassed sustainable features," stated Arnaud Ruffin, VP, Brands, and Retail at the firm. 

We're advertising the fiber in two forms of insulation—thin-loft and mid-loft battings—both of which are manufactured with 85% recycled fibers, including 50% THERMOLITE® fiber derived from recycled PET bottles and 35% from the new textile waste product."

"Both batting offers bring durability and great levels of performance for the outdoor market, paired with unrivaled sustainability credentials," Arnaud continued, "while warmth per unit weight and other insulation properties surpass the industry's highest requirements."

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24 January 2022, Mumbai: 

Ludhiana-based Vardhman Textiles on Saturday reported a consolidated profit-after-tax of Rs 431.51 for the third quarter ended December 2021. The group had reported a profit after tax of Rs 174.85 crore in the year-round period.

Its total income for the quarter under review rose to Rs 2,666.8 crore as against Rs 1,806.85 crore in the corresponding period of the previous year (October-December 2020), a regulatory filing showed.

However, its total expenses also shot up to Rs 2,097.62 crore in the same quarter, up from Rs 1,588.22 crore in the year-ago period, the BSE filing showed.

CREDITS: retail economictimes moneycontrol.com

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28 January 2022, Mumbai:

The garment and textile industries have huge potential to contribute towards the vision of ‘Atmanirbhar Bharat’ and expect to look forward to a favourable consideration in the upcoming budget 2022.

The Union Budget 2022-23 is expected to be presented by the Union Minister of Finance Nirmala Sitharaman on February 1, 2022. In the previous budget, the main focus of the government was on health and rural infrastructure development.

However, this year, it is expected that the government can make many important announcements to strengthen the economy and empower the common man. 

The garment and textile industries have huge potential to contribute towards the vision of ‘Atmanirbhar Bharat’ and expect to look forward to a favourable consideration in the upcoming budget 2022.

Speaking on the expectations from Budget 2022 on the garment and textile sectors, Ranjana Rani, co-founder, Draax Fashions said: “The garment and textile sectors are labor-intensive, and both the sectors need to be looked different than other industries.

There are certain issues, which have been specific to this sector, and addressing them in a timely manner will help the entrepreneurs unlock their true potential. The garment industry is facing inflationary pressure with increase in prices of raw materials, packing, and freight.”

Simultaneously, other initiatives like providing soft loans for an initial couple of years for buying raw materials and the introduction of a bill discounting mechanism through government implementing agencies would go a long way to help the sector.

In short, access to affordable funds at minimal collateral would be the key for the industry to flourish, she added.

CREDITS: ZEEBIZ.COM

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24 January 2022, Mumbai: 

Telangana Industries Minister KT Rama Rao has requested the Union Government's help for a number of projects the state is pursuing in the handloom and textiles sectors.

He requested Union Finance Minister Nirmala Sitharaman and Union Textile Minister Piyush Goyal to release federal money for critical projects like as the Kakatiya Giant Textile Park (KMTP) in Warangal and the mega powerloom cluster in Sircilla in a letter to both.

KT Rama Rao also requested the establishment of an Indian Institute of Handloom Technology (IIHT) in the state, and suggested the handloom park in Pochampally as a location for it.

In Hyderabad, he also proposed the establishment of a National Textile Research Institute and a Handloom Export Promotion Council. KTR has requested funding of roughly Rs. 898 crore to begin infrastructure development at KMTP.

KMTP is built on the 'fiber to fashion' idea and spans 1,200 acres. Similarly, he recommended the Center to provide a financing of Rs. 49.84 crore for the mega powerloom cluster at Sircilla, out of a total estimated investment of Rs. 993.65 crore, to fill in the gaps and implement other components.

Allowing upgradation of powerlooms under the IN-SITU scheme, sanction of 15 block level handloom clusters (BLCs) under the national handloom development programme (NHDP), and relaxation of bank financing requirements for large textile projects under the amended technology upgradation fund (ATUF) from the existing 50% of the project cost to 5% to help companies finance their projects according to their size.....all of these things have been requested by Telangana.

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27 January 2022, Mumbai:

Application has been made at a time when lenders are close to finalising the highest bidder.

Story So Far
RIL-ACRE team offered 2,363 cr of which 2,280 crores is to lenders, rest to trade creditors and employees.

Reliance Industries, in partnership with Assets Care & Reconstruction Enterprises (ACRE), has sought the competition panel's approval to acquire Sintex industries in Insolvency proceedings.

The application to the Competition Commission of India (CCI) has been made at a time when lenders are close to finalising the highest bidder for the Gujarat-based textile company. ET has reviewed a copy of the application made by the Reliance-ACRE team to CCI.

Reliance Industries is India's biggest company by market capitalization and net profit. ACRE is an asset reconstruction company backed by Ares SSG Capital Ltd.

On Tuesday, lenders asked the four resolution applicants to submit revised and improved unconditional bids by Saturday (January 29), two people aware of the matter told ET.
CREDITS: ET dt 28-01-2022

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25 January, Mumbai: 2022

Sangam India Ltd Bhilwara's biggest vertically integrated corporation, increased sales by 47% year on year to Rs. 646 crore in Q3FY22, compared to Rs. 438 crore in Q3FY21.

The company's Profit After Tax (PAT) increased by 483 percent year over year in Q3FY22, to Rs. 44 crore from Rs. 7 crores in Q3FY21.

Total sales for the nine-month period were Rs. 1,691 crore, with exports accounting for 36% (Rs. 607 crore) and domestic markets accounting for 64% (Rs. 1,084 crore). With this, the company's exports have increased by 114% year over year.

The firm has seen significant development in both yarn and fabric exports. Earnings Before Interest, Taxes, Depreciation and Amortization (EBIDTA) for the firm has increased from Rs. 44 crore in Q3FY21 to Rs. 80 crore in Q3FY22.

Notably, the business recently authorized a brownfield growth plan in the cotton yarn market of Rs. 137.25 crore.

Sangam India is a leading manufacturer of PV coloured yarn and seamless clothing. Every year, it manufactures 30 million meters of PV fabric and 48 million meters of denim fabric.

MONEY CONTROL

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24 January 2022, Mumbai: 

Work Starts on 16.6kcr Scheme to Encourage Textile Manufacturing.

Run up to Union Budget 2022

The government has BUDGET begun work on a new scheme with an outlay of about 16,600 crores for the next five years for textile machinery manufacturing. support to technology up-gradation in existing clusters and MSMEs, and support for new integrated manufacturing facilities.
Credits: ET dt 24-01-2022

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27 January 2022, Mumbai:

The West Bengal government has devised several intriguing plans to get fabric manufacturers to locate in the state. The firms will get a confirmed order of fabric from the State Government if they follow the State Government's precise criteria.

According to information released by the state's Department of Micro, Small and Medium Enterprises and Textiles, the state planned to acquire 50% of the needed uniform textiles for at least three years from the units that would be established under the department's expression of interest.

Every year, the state needs roughly 6 crore meters of woven cloth to furnish uniforms to all children up to eighth grade.

The state government is pushing spinning, weaving, knitting, and processing units, and fabric demand may arise in the future as hospitals require uniforms, and the hotel industry may be included in this category.

The state government also provides different incentives to corporations wishing to invest in West Bengal, including particular programmes like 'Banlashree,' which provide capital and interest subsidies. It also has a policy called the New Power Loom Incentive Policy.

Notably, Kolkata is West Bengal's largest textile center, with several branded knitted garments, particularly underwear and workwear, industries expanding rapidly.

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25 January, Mumbai: 2022

Apparel Resources revealed just two weeks ago that the Ministry of Textile (MoT) was considering launching a Textile Technology Development plan, and now there are indications that the government has started work on a new programme with a five-year budget of around Rs. 16,600 crore.

Under this system, the Ministry of Textile has offered investment and value-added-related incentives.

KEY HIGHLIGHT

• MoT is considering launching a Textile Technology Development plan
• The new programme is with a 5 year budget of around Rs. 16,600 crore
• Support for R&D and commercialization, are likely to be included
• Should focus on textile machinery mfg, assistance for technological upgrades

Incentives for technology transfer in joint ventures with foreign manufacturers, as well as support for R&D and commercialization, are likely to be included in the proposed programme.

The initiative should primarily focus on textile machinery manufacture, assistance for technological upgrades in existing clusters and MSMEs, and support for new integrated manufacturing facilities in diverse segments such as spinning, weaving, and knitting.

The Ministry of Textile has been holding industry consultations on this programme for the past two weeks.

According to reports, the new Textile Technology Development Scheme will take the place of the Amended Technology Upgradation Fund Scheme (ATUFS), which is set to expire on March 31, 2022.

The new programme might be unveiled in the Union Budget, which is set to be released on February 1st. A year ago, it was stated by Apparel Resources alone that ATUF will focus on machine manufacturing likewise!

The idea is now at the conceptual stage and is pending clearance at various levels. A significant assistance for the textile sector, which is experiencing issues such as a shortage of money and clearance delays.

TUF (Technology Upgradation Fund Scheme) was established in 1999 and has undergone several revisions since then.

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23 January 2022, Mumbai:

Businesses in the textile industry are seeking and expecting the federal government to eliminate the present 10% import charge on cotton in the next Union Budget for 2023 to assist strengthen the industry.

Cotton yarn imports should be tax-free, according to textile giants, which are pressing for the 10 percent import charge implemented last year to be repealed.

Many textiles-related firms are struggling financially as yarn costs have grown rapidly over the last year. On February 1, the Union Budget will be released, outlining the government's budgetary objectives for each industry.

"The government imposed a 10% customs levy on [the] import of cotton fiber last year, exacerbating the problem," Raymond's lifestyle segment CEO S L Pokharna told ET Retail.

"This responsibility should be revoked in order to facilitate a supply." The sector is eager for the government to find measures to lower local cotton prices, which are at considerable highs due to foreign market sentiment. According to Dollar Industries' managing director Vinod Kumar Gupta, removing the import tariff will lower import prices, which would then lower local pricing.

As part of its 'Make in India' effort to encourage domestic manufacturing, the Union Government chose textiles as one of the main industries to focus on. Textile companies are expecting that the government would take this into account in the future budget.

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