Greaves Cotton Ltd has posted a 5 per cent growth in its revenue at Rs 445 crore for the quarter ended June 30, 2016 as against Rs 424 crore for the corresponding period last year. Despite tough market conditions, the company maintained its net profit at Rs 39 crore for the first quarter, 11 per cent decline from Rs 44 crore in the comparable period last year.
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Greaves Cotton Ltd has posted a 5 per cent growth in its revenue at Rs 445 crore for the quarter ended June 30, 2016 as against Rs 424 crore for the corresponding period last year. Despite tough market conditions, the company maintained its net profit at Rs 39 crore for the first quarter, 11 per cent decline from Rs 44 crore in the comparable period last year.
The Southern India Mills’ Association based in Coimbatore has called for calmness among spinners in India in the wake of the downward cotton production estimate. To offset the abnormal rise in price in domestic markets due to speculation, the Southern India Mills’ Association’s (SIMA) Chairman M Senthilkumar has suggested larger mills to opt for imports to normalise price situation in India.
During the recent weeks, cotton prices have increased by 50 per cent and are skyrocketing as multinational corporations are holding benami stocks with 0 per cent interest funding from their origin countries. Speculators via MCX, NCDEX are playing havoc with the cotton users, says Rikhab C Jain, Chairman, T T Group.
The US Department of Agriculture (USDA) has raised India’s cotton export forecast in April 2016 on account of increased demand form Pakistan. India’s exports are boosted 250,000 bales to 5.8 million on strong demand, especially from Pakistan, USDA said in its latest report. “Strong textile exports, especially of apparel and bed wear, have forced Pakistan’s textile sector to look to imported cotton, especially from India, to make up for a significantly smaller crop,†according to the report.
More than 30 industries that have zero-pollution load have been exempted from taking environmental clearance even as the Centre released a new four-colour classification scheme for industries based on their pollution potential.
India is expected to produce less cotton this season ending in September, 2016