Textile

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Textile 23-07-25

Piyush Goyal aims $250B textile target

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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Textile 23-07-25

Alok Industries Ltd reports for Q1FY24

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.

Textile 23-07-22

Co-Optex renovated showroom supports weavers

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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Textile 23-06-26

Dollar Industries Q4FY23 results

02 June 2023, Mumbai

Dollar Industries Ltd, a prominent player in the innerwear and athleisure segment, experienced a significant setback in net profit for the fourth quarter that ended March 2023.

Amidst Volatile Raw Material Prices

With a staggering 90 percent decline to Rs 4 crore compared to Rs 37 crore in the same quarter last year, the company faced challenges due to volatile raw material prices and a cyclical slowdown, resulting in reduced margins.

Outlook bullish

Despite the setback, Dollar Industries remains optimistic about the future, highlighting the potential for increased demand and controlled raw material prices in the upcoming fiscal year, which is expected to support margin maintenance. The company's strategic focus on expanding its distribution network, strengthening its product portfolio, and maintaining a robust supply chain will contribute to its recovery.

In the last fiscal year, Dollar Industries successfully opened 14 exclusive brand outlets across the country, catering to consumer demand and driving sales.

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Textile 23-06-02

Gujarat-Aiming to Transform Textile Industry

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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Textile 23-07-14

Gujarat-Aiming to Transform Textile Industry

Welspun India Dominates ESG Rankings

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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Textile 23-06-25

Donear Group Elevates Men's Fashion at Fashion Connoisseur's Conclave

01 June 2023, Mumbai

Donear Group, India's leading textile manufacturer, showcased its internationally-acclaimed product range at the prestigious Fashion Connoisseur's Conclave 2023 in the National Capital Region (NCR).

The event marked a significant milestone in the men's fashion industry, as Donear Group aimed to take the fashion experience to new heights.

The exclusive showcase featured the group's iconic brands, captivating the audience of fashion enthusiasts and connoisseurs from the textiles and fashion industry. Among the standout brands were Ferrara, known for Italian luxury and premium suiting fabrics, and Moda Biella, which blended traditional craftsmanship with contemporary designs.

Lanificio Corleone mesmerized the audience with its masterfully crafted woolen fabrics, while OCM celebrated versatility and style with a remarkable collection. Ferrino Mizzoni reflected sophistication and impeccable tailoring, and Eurico exuded refinement and exclusivity with its 100% Giza-cotton suiting.

Rajendra Agarwal, Managing Director of Donear Industries Limited, emphasized the group's commitment to excellence and innovation, showcasing a diverse range of fabrics catering to the discerning tastes of fashion connoisseurs. The event demonstrated the Donear Group's impact on the fashion landscape of India and the world.

The group also showcased its technological advancements, including a revolutionary mobile application developed in collaboration with Whizleague. This app equips front-end salespeople with in-depth learning experiences, unlocking their potential and enhancing the retail customer's purchase journey.

With its vertical integration in various sectors, including garment manufacturing, yarn spinning, and fabric processing, the Donear Group maintains control over the production process, ensuring consistent quality across its product range.

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Textile 23-06-01

Donear Group Elevates Men's Fashion at Fashion Connoisseur's Conclave

Uttar Pradesh selects location for textile park

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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Textile 23-07-12

UP Government Establishes Textile Park, Employing 1 Lakh Youth

09 June 2023, Mumbai

The Uttar Pradesh government is initiating the PM Mitra Mega Textile and Apparel Park in Lucknow, aligning with Prime Minister Narendra Modi's 5F vision.

Integrated textile hub in Lucknow attracts massive investment

The park, situated in Atari village, Malihabad tehsil, aims to provide job opportunities for one lakh young individuals. With identified land and an anticipated investment of Rs 10,000 crores, the textile park is poised for success.

The park's primary goal is to centralize the textile industry's operations, reducing production costs. Atari was selected for its excellent connectivity, being conveniently located 20 kilometers away from NH-20 and SH-20, connecting Lucknow to Sitapur and Hardoi respectively.

Proximity to Malihabad and Lucknow railway stations, Lucknow International Airport, a dedicated freight corridor in Kanpur, and an inland container depot in Kanpur further enhance its appeal.

Offering streamlined production and strategic connectivity

This public-private partnership (PPP) modeled park will encompass core infrastructure worth Rs. 500 crores, enabling manufacturing units to establish their presence with a provision of Rs. 300 crores.

The construction will occur in three phases, emphasizing common infrastructure, social infrastructure, and premium space, including essential amenities such as power supply, water supply, training centers, housing zones, medical facilities, and industrial plots.

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Textile 23-06-09

Donear reports for FY2023

23 May 2023, Mumbai

Donear Industries Limited has released its standalone financial results for the period ending March 31, 2023.

The company witnessed a slight quarter-to-quarter increase in total income to Rs. 215.6440 crores, while the net profit declined to Rs. 8.5283 crores.

Total Income Shows Slight Increase

In a year-on-year comparison, Donear Industries showed significant growth in total income for the fourth quarter, reaching Rs. 215.6440 crores. However, the net profit declined to Rs. 8.5283 crores.

For the full financial year, the company reported a substantial rise in total income to Rs. 835.8223 crores and a net profit of Rs. 36.24 crores.

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Textile 23-05-23

Indian Delegation to Drive Textile Exports in US

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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Textile 23-07-03

Maharashtra's Textile Policy: Cotton Boost, Job Creation, and Heritage Protection

02 June 2023, Mumbai

Maharashtra, a key cotton-producing state in India, is taking significant steps to enhance its textile value chain by focusing on cotton processing. The policy aims to generate huge job opportunities.

With the implementation of a new state textile policy, Maharashtra aims to attract an investment of ₹25,000 crore and generate 500,000 jobs by 2028. The policy includes the establishment of the Maharashtra State Textile Parks will drive industry development.

Textile Development Corporation (MSTDC) and the creation of six textile parks. It also emphasizes the preservation of indigenous textiles like Paithani, Himru, Karvat Kathi, Khana, and Ghongadi.

Financial assistance

Financial assistance will be provided to traditional artisans, with female weavers receiving ₹15,000 and male weavers ₹10,000 annually.

Additionally, the government plans to distribute a free saree each year to families below the poverty line (BPL) in the state. Maharashtra's ambition is to transform the cotton value chain from farm to fibre to factory to fashion to foreign markets, elevating the state's position as a textile hub.

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Textile 23-06-02

Maharashtra's Textile Policy: Cotton Boost, Job Creation, and Heritage Protection

Siyaram’s reports FY 22-23 results

18 May 2023, Mumbai

Siyaram Silk Mills Ltd, a leading player in the menswear fabrics and garments market, achieved remarkable financial results for the fiscal year 2022-2023. The company reported a total income of Rs 2,273 crore, with a net profit of Rs 251 crore.

During the fourth quarter ending on March 31, Siyaram Silk Mills witnessed a notable growth in net profit, which reached Rs 88 crore, marking a 7 percent increase compared to the same period last year when it stood at Rs 82 crore. Moreover, the company's total income for the quarter experienced a growth of 10 percent, reaching Rs 706 crore, up from Rs 640 crore in the previous fiscal year.

The success of Siyaram Silk Mills can be attributed to its strong foothold in the suiting and shirting segment of the menswear market.

Not only does the company offer popular brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, and Oxemberg, but it also holds the exclusive rights for the prestigious Italian fashion brand, Cadini, in the Indian market.

The consistent growth and profitability of Siyaram Silk Mills reflect its ability to meet the changing preferences of Indian consumers in the menswear segment.

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Textile 23-05-18