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Related Keywords: 12 percent drop in rains and acreage, Cotton price to surge, raw cotton prices, Trident, Vardhman

Around 12 percent drop in rains and acreage that hit soon to be harvested crop have led to concerns over cotton supplies, making the fibre as much as 20 per cent costlier than at this time last year.

Raw cotton prices were in the range of Rs 5,400 per 100 kg, even as fresh crop has started arriving in the wholesale markets of Punjab and Haryana. Because of the firm prices, people are buying only as per their requirement, traders, ginner and millers said.

Related Keywords: acquires Lotus Integrated Texpark Ltd, acquisition to help in forward/backward integration of textile business, after picking up stake in the company, becoming an associate firm of the group, largest integrated home textile manufacturer in the world, LITL engaged in field of textile, Trident, twenty five crore in an all cash deal

Trident, one of the largest integrated home textile manufacturer in the world today announced that Lotus Integrated Texpark Ltd (LITL) located in Barnala, Punjab has become an associate firm of the group after it picked up stake in the company for Rs 25 crore in an all cash deal.

Related Keywords: demand level playing field, growing problem of influx of yarn, huge difference between VAT rates of Punjab and other states, increases cost of production, Ludhiana, reduce rates of VAT on yarn, selling price of outstation yarn less, Shiva Tex Fab, spindles closed down, Spinning mills of Punjab, Trident

Spinning mill owners of Ludhiana demand level playing field with their counterparts in other states as the spinning industry of Punjab is dying and already in huge debts, units are closing down owing to losses on account of lack of orders. Punjab government is held responsible for pushing them in a crisis by not reducing rates of value added tax (VAT) on yarn that they manufacture.

Related Keywords: Cotton Spinning Mills, decline inexports, excess spinning capacity, from China, leading mills, NITMA, northern India facing crisis, one day a week, plans to shut down production, Trident, Vardhaman

Cotton spinning mills in northern India facing crisis due the excess spinning capacity and decline in exports this fiscal year have resulted in poor cash flow and excessive stocks due to which they are planning to shut down one day a week, according to Chandigarh based Northern India Textile Mills’ Association (NITMA) having 98 member mills that includes leading names such as Vardhaman and Trident, etc.