Sharad Jaipuria
Chairman & Managing Director
Ginni International Ltd
New Delhi
+919811083203
From: S Kumar [mailto:s.kumar@ginniint.com]
Sent: Monday, January 31, 2011 11:28 AM
To: sharad.jaipuria@ginniint.com
Subject: News clipping
Kindly see the attached file.
Sharad Jaipuria
Chairman & Managing Director
Ginni International Ltd
New Delhi
+919811083203
From: S Kumar [mailto:s.kumar@ginniint.com]
Sent: Saturday, January 29, 2011 11:31 AM
To: sharad.jaipuria@ginniint.com
Subject: News clipping
Kindly see the attached file.
Sharad Jaipuria
Chairman & Managing Director
Ginni International Ltd
New Delhi
+919811083203
From: GALIAKOTWALA-TRADING [mailto:trading@galiakotwala.com]
Sent: Friday, January 28, 2011 10:21 AM
To: trading@galiakotwala.com
Subject: REF: NYF/ COTLOOK INDICES/ICC AS ON 26TH JANUARY 2011
C. A. GALIAKOTWALA & CO. PVT. LTD.
66, MAKER CHAMBERS III, NARIMAN POINT, MUMBAI 400 021.
TEL : 91- 22 - 2284 37 58 FAX : 91- 22 – 2204 8801
REGD. OFFICE : 125, NAGINDAS MASTER RD., FORT, MUMBAI 400 001.)
TO : ALL CLIENTS DATE : 28 January 2011
ATTN : COTTON PURCHASE DEPARTMENT REF NO. : PRI/10085 O
PAGES : 1 + FAX NO. :
REF: NYF/ COTLOOK INDICES/ICC AS ON 27TH JANUARY 2011
| | U. S. CENTS PER LB C/ F F/E PORTS | CHANGE | LAST MONTH | CHANGE | LAST -YEAR | CHANGE |
COTLOOK A INDEX (2010/11) | 194.50 | +5.00 | CLOSED | - | - | |
MONTH | SETTLE | CHANGE |
| | | |
(*THE FIGURES IN BRACKETS ARE ON PER CANDY BASIS)
BEST REGARDS.
RBI raised repo & reverse repo rate
RBI raised the repo and reverse repo rates by 25bps. Repo rate has been increased from 6.25% to 6.50% and reverse repo rate from 5.25% to 5.50% with the immediate effect. The rates have been increased to contain inflation and anchor inflationary expectations.
The cash reserve ratio (CRR) of scheduled banks has been retained at 6.0%. The Bank Rate has been retained at 6.0%.
WPI inflation for March 2011 is revised upwards to 7.0% from 5.5%. The M3 growth has been retained at 17% and non-food credit growth at 20%.
RBI policy reveals that recent inflation dynamics has tilted towards intensification of inflation. In this scenario, the stance of the monetary policy is intended to
a. Contain the spill-over of high food and fuel inflation into generalised inflation and anchor inflationary expectations, while being prepared to respond to any further build-up of inflationary pressures.
b. Maintain an interest rate regime consistent with price, output and financial stability.
c. Manage liquidity to ensure that it remains broadly in balance, with neither a surplus diluting monetary transmission nor a deficit choking off fund flows
However, the monetary tightening that has been carried out over the last one year has not tackled the inflationary scenario. Notwithstanding slight moderation, inflation remains significantly above (at 8.43% during Dec2010) the comfortable zone. Food inflation has also been entered the double digit growth trajectory once again. Tight monetary policy may not be an effective tool to control inflation which is mainly due to structural supply side constraints, in our view.
This is for information of the members.
Kind regards,
Dr. S P Sharma
Chief Economist
PHDCCI
| 'Cotton Board over estimated production' |
| |
| BS Reporter / Chennai January 24, 2011, 0:58 IST |
| |
The Southern India Mills’ Association (SIMA) said the Cotton Advisory Board (CAB’s) has over estimated the production and under estimated the consumption. According to industry experts any further export of cotton would serioded the quantity decided by Group of Ministers by two lakh bales.
J Thulasidharan, chairman, SIMA said that CAB, at its first meeting held on January 6, 2011 has estimated the cotton production as 32.9 million bales and consumption as 27.5 million bales (including 2 million bales of non-mill consumption), retained the exportable surplus as 5.5 million bales and thus reducing the closing stock to 4.45 million bales as agaiHe said, “CAB has over estimated the production and under estimated the consumption, textile mills would be forced to curtail their production for want of raw cotton from July onwards resulting abnormal increase in cotton and yarn price.” CAB has reported, cotton production in the northern region (
On extra long staple (ELS) cotton production, he said, erratic weather condition and unseasonal rains have seriously affected the crop in Karnataka and Madhya Pradesh.
Total DCH production may not cross even 125,000 bales, out of which sizeable quantity of arrivals is in the hands of exporters due to recent export clearance and grant of additional quota. With abnormally high ELS cotton prices (280 to 285 cents for PIMA and
He further said the hoarding of ELS cotton by the exporters has increased the DCH 32 cotton price from Rs 53,000 per candy to Rs 70,000 in a span of 10 days (spot prices), an increase of 24 per cent.
Thulasidharan estimated cotton production for the season 2010-11 will be only around 30.9 million bales. As far as cotton consumption is concerned, he stated, that Textile Commissioner Office has already estimated at 27.5 million bales for the current cotton season. “Non-submission of data to the Textile Commissioner’s office is a handicap in arriving at the consumption figure. If the consumption of non-reporting mills and also the capacity being added in the spinning sector, the requirement including non-mill consumption would exceed 28.5 million bales.”
“Viewing the production and consumption data, any further export of cotton would seriously affect the entire textile value chain. Even with the current cotton position, mills will face shortage of cotton from July onwards thus resulting in abnormal increase in yarn prices, ultimately affecting the common man”.
The Association seeked ministry of textiles to take up the matter suitably with the commerce and agriculture ministries and restrict the cotton export at 5.5 million bales and pointed out that the permitted quantity of export of cotton has already exceeded the quantity decided by Group of Ministers by 200,000 bales.
nst the Group of Ministers (GoM) promised quantity of 5 million bales.
S K JINDAL (SR.G .M)
GINNI INTERNATIONAL LIMITED
NEEMRANA(RAJ)
| Govt may reopen export ceiling for cotton yarn |
| |
| Komal Amit |
| |
Had put a cap of 720 million kg this year.
Textile and commerce ministries are likely to reopen the ceiling on cotton yarn exports. According to sources in the ministries, the policy in this regard may be announced in a fortnight.
The secretaries of the two ministries met textile sector stakeholders on Friday in
According to S P Oswal, chairman of the Vardhman Group, spinning mills have a capacity to export close to 850 million kg yarn annually and such restrictions do not make economic sense. Such decisions, he said, undermine the credibility of Indian exporters in the international market.
Oswal said the country was at a disadvantage by exporting 900 million kg cotton and 720 million kg yarn this year. He said, “The value of yarn is double that of cotton. We lose substantial foreign exchange by exporting raw cotton. Indian spinning mills have been consistently expanding capacity (about three million spindles are added every year). This also creates employment opportunities. So, the export focus should be shifted from cotton to yarn and fabric.”
D K Nair, secretary-general of the Confederation of Indian Textile Industry, said no ceiling was necessary, as the country had sufficient capacity. He said the spinning industry had a cumulative annual output of 3,540 million kg and up to 900 million kg could be exported without restriction. Last year, total exports were about 600 million kg but the global demand increased at a higher pace this year than the domestic demand.
“About 750 million kg yarn could have been produced from the 55 million tonnes raw cotton exported this year. So, instead of curbing exports, the spinning industry should be encouraged to enhance capacity,” he added.
Ashish Bagrodia, president of the Northen India Textile Millers Association, said yarn prices had risen in line with raw cotton prices but Indian yarn was still the cheapest in the world. He said the spinning industry had enough cotton yarn for domestic consumption. The ministry would also review the industry’s plea to restore the Duty Entitlement Pass Book incentive on exports that was withdrawn some months ago.
S K JINDAL (SR.G .M)
GINNI INTERNATIONAL LIMITED
NEEMRANA(RAJ)
Sharad Jaipuria
Chairman & Managing Director
Ginni International Ltd
New Delhi
+919811083203
From: S Kumar [mailto:s.kumar@ginniint.com]
Sent: Monday, January 03, 2011 12:46 PM
To: sharad.jaipuria@ginniint.com
Subject: News clipping
Kindly see the attached file.
