Textile Industry News & Updates | Latest Market Trends | 29 Oct 2024

Textile Sphere News Roundup - October 29, 2024

1. India's Welspun Living's Q2 FY25 Revenue at $349 Million with 15.5% Growth

Welspun Living Ltd reported a Q2 FY25 revenue of $349.07 million, marking a 15.5% year-on-year increase. For H1 FY25, revenue reached $656.95 million, up 16%. The textile segment achieved Q2 revenue of $322.63 million, while the flooring segment contributed $29.7 million. Consolidated EBITDA for Q2 stood at $50.02 million. However, net debt rose to $220.78 million, driven by capital expenditures and share buybacks. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the textile business in Q2 reached ₹3,742 million, reflecting a 4.1% YoY growth. (Read More)

2. Cotton Corporation of India Announces ₹7,521 MSP for Cotton

The CCI has officially begun cotton purchases in market yards, announcing a support price of ₹7,521 per quintal for cotton with 8-12% moisture content. On the first day of procurement, private traders purchased cotton at ₹6,700 per quintal for cotton with no moisture. CCI officials stated that prices would be reduced by ₹75 per quintal for each percentage of moisture above 8%. Farmers have expressed concerns about the deductions for moisture content, urging for modernization in standards as this impacts their returns. (Read More)

3. High Moisture Content Leaves Cotton Growers Worried in Some Indian States

Farmers in Telangana and Maharashtra are concerned as market prices for cotton have fallen below the MSP in several yards. The CCI highlighted that high moisture content in these regions has affected procurement. Farmers are calling for a review of the moisture content standards, as selling cotton at lower prices is affecting their investment returns. (Read More)

4. Xinjiang Completes Over Half of Cotton Picking Thanks to Advanced Cotton Pickers

In northwest China's Xinjiang Uygur Autonomous Region, more than half of the cotton harvest has been completed, with the harvest expected to finish by early to mid-November. The efficiency of the harvest has been enhanced by the use of advanced six-row, self-propelled cotton pickers, which can harvest 500 mu (33.3 hectares) per day. The integration of the BeiDou Navigation Satellite System has further optimized harvesting operations. (Read More)

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