TEXTILES
Challenge for policymakers & opportunity for risk takers: 7 stock from textile space with an upside potential of up to 29%
There are sectors which under perform for years and then they come back to focus. If one looks at the last three years, the list of such sectors has been growing at a faster pace as they make a comeback. Be it power, real estate or even to some extent pharmaceutical. But there is one sector which has made a comeback of sorts, however there is much more scope for improvement in it. This improvement would not only be important from the perspective of the stock market but from the real economy and job creation. But the fact is that it is not easy to have sustained turn around because of one simple reason, the operating matrix is not only local but global. Probably it is the biggest challenge for the government to help in sustainable turnaround and biggest opportunity for risk takers because a sustainable turnaround always gives birth to multibagger.
Government plans 12 new industrial parks and multiple mega textile parks: Piyush Goyal
Commerce Minister Piyush Goyal revealed plans for 12 new industrial parks and mega textile parks, urging private sector participation. Highlighting notable economic progress, he spoke on reducing compliance issues and emphasizing youth and skill development. Minister Jayant Chaudhary echoed a focus on forward-thinking initiatives in the Union Budget for entrepreneurship and education.
Tata International to increase share of sustainable leather to 50% in 4 years
Tata International plans to increase its sustainable leather production from 27% to 50% by FY28. Manufactured under the Earthcare brand, including Phoenix Leather, the sustainable leather is produced in Dewas. Despite post-Covid challenges, demand is recovering in key markets. Tata collaborates with top global brands and benefits from India's reduced customs duty on certain leather types.
Arvind's Q1 Results: Net profit drops 40% YoY as inflationary pressures weigh
Arvind Ltd Q1 Results: Indian clothing retailer Arvind reported a 40% drop in first-quarter profit, with net profit falling to 393.1 million rupees. Revenue from operations dipped by 1%, and the core textile segment saw a 5% decline. Inflation and illegal workers' unrest contributed to lower consumer spending. The company's shares fell 2.8% post-results.
After a long lull, are textile exports seeing ‘achche din’?
The Indian textile industry has been facing headwinds for nearly two years. But troubles in Bangladesh and the China+1 sentiment indicate favourable winds for India’s textiles.
MoS for Textiles inaugurates Bunkar and Karigar Utthan Upskilling Programme FY 2024-25
Union Minister of State for Textiles and External Affairs Pabitra Margherita launched the Bunkar and Karigar Utthan Upskilling Programme FY 2024-25 - 100 Clusters in 100 Days in Guwahati. It aims to empower artisans and weavers in the Handicrafts and Handloom sector. The initiative, emphasizing skill development and modernization while preserving traditional crafts, will benefit 70 Handicraft clusters and 30 Handloom clusters. Assam's Minister of Handloom, Textile & Sericulture, U.G. Brahma, highlighted the program's importance for regional development and encouraged artisans to participate for their advancement.
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Textiles and pharma PLI schemes likely to see longer product list
The cabinet was set to decide on expanding the production-linked incentive (PLI) schemes in sectors like textiles, food processing, and pharmaceuticals to include more products. Meanwhile, the budget for PLI schemes increased to `16,092 crore for FY25. Textile PLI might see a lower investment threshold, with more man-made fabric products and apparel possibly being added.
Lowered customs may improve India’s global position in apparel and footwear market
Indian-made apparel and footwear could become a significant player in global sourcing for brands such as Zara, H&M, Marks and Spencer, and Gap. Finance Minister Nirmala Sitharaman has announced exemptions on import duties for raw materials used in apparel and footwear, provided these materials are used for further export.
Delhi HC restrains local firms from using 'ADIDAS' mark
The Delhi High Court has restrained three local firms, Adidas Weaving Mills, Adidas Textile Industries, and Adidas Merchandise, and their directors from manufacturing, trading, selling, or dealing in textile goods under the "ADIDAS" mark or any other marks deceptively similar to Adidas AG's trademark. Adidas AG sought damages of Rs 20 lakh, but Justice Sanjeev Narula rejected the claim, stating it was entitled to nominal damages of Rs 3 lakh.
DGFT, customs process overhaul, revamp textile PLI scheme, QCO suspension to aid exports: GTRI
To enhance India's garment exports, GTRI recommends suspending QCOs, expanding the PLI scheme, and reforming DGFT and Customs. High import duties and domestic monopolies stifle growth. Supply chain issues worsen the situation. Bangladesh and Vietnam's exports surged from 2013-2023, outpacing India. DGFT's advance authorisation process for duty-free inputs further raises transaction costs.
Indian cotton spinning industry expected to recover in FY25: ICRA Report
ICRA predicts the domestic cotton spinning industry will recover in FY2025, with 6-8% growth driven by increased volume and mild realisation gains. Following two years of decline, improved domestic demand and stabilised exports will boost the industry. Cotton yarn prices are expected to rise slightly, supporting better profit margins and reduced leverage levels.
Q1 results today: Bajaj Auto, L&T Finance among 24 companies to announce earnings on Tuesday
24 firms, including Bajaj Auto, L&T Finance, Just Dial, DB Corp, and BMW Industries, will announce Q1 results. Bajaj Auto anticipates a robust Q1 with 7% volume increase, expanded EBITDA margins, and 17% profit growth. Century Textiles, Deccan Bearings, Jubilant Ingrevia, Network18 Media also to be monitored. Bajaj's 14% sales growth echoes March quarter success.
Birla Estates acquires 5-acre land in Gurgaon, targets Rs 1,400 crore revenue
The company will develop around 10 lakh square feet and is expected to generate revenue of over Rs 1400 crore with residential project.
China's landfills brim with textile waste as fast fashion reigns and recycling takes a back seat
In China, the world’s largest textile producer and consumer, more than 26 million tons of clothes are thrown away each year, according to government statistics. Most of it ends up in landfills.
Budget 2024: Sitharaman can help weave Indian textile industries' golden fortune with PLI extension to garment sector, MSME funding
India, the world's sixth largest textile and apparel exporter, faces challenges in achieving its textile export goals. The government aims to achieve $600 billion in textile exports by 2047, but the sector faces challenges such as geo-political uncertainties, consumption shifts, and low overall growth. The textiles sector is also affected by the ongoing Russia-Ukraine war, the Red Sea crisis, and the Israel-Hamas conflict.
ReCircle’s new textile vertical aims to process 570 MT of textile waste a year
After paper and plastic, the Mumbai-based waste management firm has set its eyes on managing textile wastes to build a more sustainable circular economy.
Raymond reappoints Gautam Hari Singhania as MD for five years
Raymond reappoints Gautam Hari Singhania despite recommendations against, prompting an independent investigation. The National Company Law Tribunal approves corporate restructuring. Q4 sees a significant 18% profit increase to Rs 229 crore.
PLI worth Rs 10,000 crore approved for textiles: Minister Giriraj Singh
Textiles Minister Giriraj Singh announced that the government has sanctioned a production-linked incentive (PLI) scheme exceeding Rs 10,000 crore for the textiles industry, with plans under consideration to extend it to the garments sector. Additionally, he highlighted that the ministry is developing a strategy to surpass China in the textile sector.
Raymond expands garmenting capacity eyeing China + 1 strategy, to become third largest suit marker
Expanding capacity to become a top global suit maker, I strategically cater to new markets. With a focus on high-value garments, my facilities in India and Ethiopia meet the strong demand from the US, UK, and European markets. This expansion boosts domestic manufacturing and aligns with the Make in India initiative.
Considering PLI scheme for garments sector: Textiles Minister Giriraj Singh
In 2021, the government approved the PLI scheme for textiles with an approved outlay of Rs 10,683 crore over a five year period to promote production of MMF (man-made fibre) Apparel, MMF Fabrics and Products of Technical Textiles in the country to enable textiles industry to achieve size and scale and to become competitive.
Birla Estates acquires 16.5 acre land in Pune; to build Rs 2,500 cr housing project
Birla Estates Pvt Ltd acquired a 16.5-acre land in Manjri, Pune for a housing project with a revenue potential of Rs 2,500 crore. It is a wholly-owned subsidiary of Century Textiles and Industries Ltd, part of the Aditya Birla Group. K T Jithendran, MD & CEO, stated Pune is a strategic market for them.
Gokaldas to invest Rs 300 Cr in Maharashtra fabric unit ahead of possible buyout
Gokaldas Exports Ltd (GEX), based in Bengaluru, has announced a strategic partnership with BRFL Textiles, a fabric processing company located in Tarapur, Maharashtra. This collaboration involves GEX making an initial investment of Rs 50 crore in BRFL through Optionally Convertible Debentures (OCDs), with a potential total investment of up to Rs 300 crore in phases. The agreement may lead to a merger between the two entities within a year.
Indo Count signs licensing agreement with Iconix for selling branded products in US, Canada
Indo Count, a leading global home textile manufacturer, solidified its US market presence post-WAMSUTTA acquisition through a licensing deal with Iconix International Inc. for Fieldcrest and Waverly brands in the US and Canada. The agreements expand Indo Count's product range catering to diverse consumer segments with Fieldcrest and Waverly's reputation for quality and tradition.
Govt to give focused attention to promote India's textiles exports: Textiles secretary
The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023.
India's textile exports face second consecutive year of decline amid geopolitical strains
In the fiscal year 2023-24, exports amounted to $34.4 billion, marking a decline of over $1 billion (3%) compared to the previous fiscal year. Additionally, exports saw a significant drop of 16.3% compared to the fiscal year 2021-22, when the country reported exports worth $41 billion, the TOI report stated.
India targets $600 billion textile exports by 2047, aims to create $1.8 trillion domestic market
India plans to boost textile exports to $600 billion and grow the domestic market to $1.8 trillion by 2047, focusing on quality, sustainability, and global leadership in the textile industry. Industry has raised challenges of raw material for achieving the $350 billion export aim for apparels besides the need for an investment policy for textiles and a mission mode plan for supply augmentation.
Plan to reward patent, IPR creation in technical textiles in the works
As per the draft rules, the IP of the research outcome will generally vest with the host institution on behalf of the ministry. For all Indian patents, the government will have march-in rights, including the option of compulsory licence, in case of any exigency arising for the patent and technology to protect the interest of public, it said.
Government to take action against those selling machine-made products as handmade, says Textiles Minister Piyush Goyal
At a meeting with stakeholders of the textiles sector, he said the government is willing to procure the harvest of jute and cotton farmers if the market price is lower than the Minimum Selling Price (MSP) and it is working towards increasing the production of jute and cotton and provide quality seeds, fertiliser for quality produce to fulfill the vision of farms to foreign exports.
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