Thursday, Jan 27 2022 | Time 23:44 Hrs(IST)
Business Economy

Goyal warns cotton traders against price manipulation

New Delhi, Nov 18 (UNI) Commerce & Industry and Textiles Minister Piyush Goyal has cautioned cotton traders against manipulation of prices, hoarding to make unfair profit and allowing pricing issue of cotton bales and yarn for the industry.
Interacting with the textile industry on Thursday to resolve issues regarding cotton yarn prices between manufacturers and downstream textile industry, Goyal urged the players to resolve cotton pricing issues in the spirit of collaboration rather than competition and without Government intervention or support for growth.
“Too much dependence of state support is not healthy for the robust growth of the sector,” he said, and pointed out that farmers’ interests were being taken care off with better cotton prices supported by a good base Minimum Support Price.
Cotton prices are ruling above the MSP rate of Rs 6,025 per quintal by about 40% at the current Rs 8500 per quintal with farmers getting reasonably good prices for their produce which is in tandem with other agri-commodities.
Goyal also ruled out the idea of short term super normal profits in the textile value chain as unsustainable and called for free and fair play of market forces. “Super normal profits should not be booked for short term goals,” he said.
More News

AP CM inaugurates NovaAir production plant in Sri City

27 Jan 2022 | 9:16 PM

Sri City (Andhra Pradesh), Jan 27 (UNI) Andhra Pradesh Chief Minister Y.S. Jaganmohan Reddy inaugurated the air separation plant of NovaAir Technologies Private Limited (NovaAir), a subsidiary of Novo Holding, Singapore here on Thursday.

see more..

IIFL Finance appoints Deloitte to assist in risk based internal audit

27 Jan 2022 | 8:57 PM

Mumbai, Jan 27 (UNI) Diversified NBFC IIFL Finance, on Thursday said it has appointed of Deloitte Touché Tohmatsu India to assist in its risk based Internal audit process.

see more..

HSIL Q3 PAT falls 20 68 pc to Rs 28 49 cr

27 Jan 2022 | 8:55 PM

Mumbai, Jan 27 (UNI) Leading packaging company HSIL on Thursday reported a 20.68 per cent decline in net profit for the quarter ended December 31, 2021 at Rs 28.49 crore as against Rs 35.92 crore, a year-ago.

see more..

M C Agrawal of SAIL appointed mjunction Chairman

27 Jan 2022 | 8:19 PM

Kolkata, Jan 27 (UNI) Mahesh Chand Agrawal, Executive Director (Sales & International Trade Division) of SAIL, has been appointed Chairman of mjunction services limited, India’s largest B2B e-commerce company.

see more..

Robotic Construction 3D Printer launched

27 Jan 2022 | 8:11 PM

Kochi, Jan 27 (UNI) Simpliforge Creations, provider of additive manufacturing solutions, has launched their first-of-its-kind, state-of-the-art Robotic Construction 3D Printer.

see more..