Nitin Spinners’ profit in Q1 FY2021-22 surged to Rs 60.01 crore for the period ended June 30, 2021 as against loss of Rs 42,85crore in the period ended March 21,2021.

As per Equity Bulls, the company reported total income of Rs.553.86 crore during the period ended June 30, 2021 as compared to Rs.511.75 crore during the period ended March 31, 2021. It reported EPS of Rs.10.67 for the period ended June 30, 2021 as compared to Rs.7.62 for the period ended March 31, 2021.

The company posted net profit of Rs.60.01 crore for the period ended June 30, 2021 as against net profit of Rs.9.15crores for the period ended June 30, 2020.

The company reported total income of Rs.553.86 crore during the period ended June 30, 2021 as compared to Rs.219.91 crore during the period ended June 30, 2020.

It reported EPS of Rs.10.67 for the period ended June 30, 2021 as compared to Rs.(1.63) for the period ended June 30, 2020.

Indo Count Industries’ Q1 FY2021-22 profit surged to Rs117.36crore for period ended June 30, 2021 as against net profit of Rs 57,88crore for the period ended March 21, 2021. The company ‘stotal income surged to Rs.759.22 crore during the period ended June 30, 2021 as compared to Rs.704.75 crore during the period ended March 31, 2021. Its EPS grew to Rs.5.95 for the period ended June 30, 2021 as compared to Rs.2.93 for the period ended March 31, 2021.

As per Equity Bulls, Indo Count Industries profit surged to Rs 117.36 for the period ended June 30, 2021 as against Rs 18 crore profit for the period ended June 30, 2021. The company reported total income of Rs.759.22 crore during the period ended June 30, 2021 as compared to Rs.335.97 crore during the period ended June 30, 2020.

It reported EPS of Rs.5.95 for the period ended June 30, 2021 as compared to Rs.0.91 for the period ended June 30, 2020.

Tintex Textile’s most recent R&D projects, such as Texboost, Picasso, Aware, Texbion and Truhue enable the company to create new materials through cutting-edge technology besides boosting its sustainability. The resulting products help the company improve users’ everyday lives with minimal ecological impact.

As per a Euratex report, Tintex Textiles was founded in 1998 to push the boundaries of conventional textile techniques and business relationships. The company soon became a pioneer and specialist in the treatment of responsible fabrics, mainly Lyocell and other cellulosic fibers. It converted its business model from service provider to fabric creator, and supplier, paving the way for numerous, long-lasting connections with reference brands in the sector. Its focus on maximum quality, oriented performance and sustainable materials and practices earned the company a spotlight in the textile and clothing industry.

Parent company of Calvin Klein and Tommy Hilfiger, PVH Corp has completed its previously announced sale of certain intellectual property and other assets of Heritage Brands business to Authentic Brands Group (ABG). The value of sale transaction, which included the sale of IZOD, Van Heusen, Arrow and Geoffrey Beene brands and certain related inventories and other assets, was $223 million.

Stefan Larsson, Chief Executive Officer, PVH Corp, believes, ABG is well positioned to develop and support the company’s former Heritage Brands for future success. PVH will continue to own and operate the intimates and underwear businesses, led by Warner’s, as well as continue to operate its dress shirt and neckwear business, including under the brands being sold pursuant to a license from ABG.

PJ Solomon is serving as exclusive financial advisor to PVH on the transaction. Wachtell, Lipton, Rosen & Katz is acting as legal advisor.

Indian government plans to create a new Union ministry to oversee the development of the cooperative sector. As per Apparel Resources, the new ministry will help realize the vision of prosperity through cooperation. Besides, it will help streamline processes for ‘ease of doing businesses’ for cooperatives and develop multi-state cooperatives. Additionally, the Ministry will provide a separate administrative and legal framework for strengthening the cooperative movement in India.

A new study on Chendamangalam Handloom Cooperative Society in Ernakulam district of Kerala, shows, majority of workers employed in the society earned less than Rs 5,000. The income earned by these weavers is not sufficient to maintain their family or to meet their basic necessities. Also, the weavers or workers did not have any problem with training as they had several years of experience. The case study highlights the need to increase the wages of weavers. Most importantly, to meet their expenses and pay off their loans, the workers need to get the wages without any delay from government.

The study also recommends the government should properly implement existing schemes and ensure the weavers get all the benefits. Besides, the government needs to launch many more schemes that can help weavers financially. The government should also be pro-active in offering scholarships to the children of weavers for imparting good education. The new Ministry could be the catalyst to this development, says the study report.

From January-May 2021, US’ PPE imports increased by 284 per cent on a Y-o-Y basis to $10.68 billion, shows an OTEXA report. As per Textile Today, US’ import of face masks and shields under increased to $ 2.07 billion during period. Import share of face masks from China increased by 68.20 per cent to $1.41 billion. Global import of nonwoven disposable apparel during the period increased to $929.19 million in which two types of products were imported isolation gowns and disposable apparel. Of this, China’s share increased to 77.90 per cent to $717.95 million

China’s increasing PPE shipments to the US is threatening the livelihood of new mask producers in the US. As per The Coalition for a Prosperous America (CPA) report, around 1,500 workers employed with a Florida-based masks making company have lost their jobs in the last couple of months.

Suryalakshmi Cotton Mills reported Rs 6.82 crore loss in first quarter of FY 2021-22 that ended June 30, 2021. The company’s total income for the quarter declined to Rs 151.94 crore compared to Rs 189.39 crore during Q4 FY2020-21 that ended March 31, 2021. EPS declined to Rs 4.09 during the quarter ended June 30, 2021 compared to Rs 5.45 for the quarter ended March 31, 2021. Suryalakshmi Cotton Mills posted a net profit of Rs 6.82 crore during the period ended June 30, 2021 as against a net loss of Rs 43.47 crore during the period ended June 30, 2020.

The company’s total income grew to Rs 151.94 crore during the period ended June 30, 2021 as compared to Rs 43.47 crore during the period ended June 30, 2020.

Italian textile machinery’s order index for April-June 2021 increased 214 per cent compared to the same period last year, shows a ACIMIT, the Association of Italian Textile Machinery Manufacturers survey. Compared to the April-June quarter in 2020 that was influenced by COVID-19 pandemic, the current value of the index was attested at 150.7 points (basis: 2015 = 100).

The index of orders intake is expected to grow by 122 per cent during the first six months of 2021 compared to the first half of 2020 in both the domestic and export markets. ACIMIT’s survey reveals substantial stability compared to the previous three months for domestic orders and a prevailing caution also abroad, where 74 per cent respondents expect order to either remain stable or decline.

ACIMIT is a private non-profit making body and its main purpose consists in promoting the Italian textile machinery sector and in supporting its activity, mainly abroad, through the most updated and innovative promotional means, constantly improved during its 70 years of life.

In order to promote the Italian textile machinery knowledge throughout the world, ACIMIT gives any kind of information on the activity of the producers and organizes a wide range of promotional activities (such as exhibitions, technical seminars, missions in Italy and abroad, etc.) most of the time in collaboration with Italian Trade Agency.

Ashwin Chandran, Chairman, Southern India Mills Association (SIMA) has urged the central government to withdraw the 10 per cent import duty on cotton to avoid further damage to the cotton textile value chain. Chandran has expressed concerns over the rapidly rising cotton prices in the country. Such a rise will lead to higher prices of apparel and textile goods for domestic consumers as well, he said

India’s cotton prices soared by Rs 3,800 per candy within 15 days in July due to a strong demand from the domestic market, depleting stocks and 10 per cent import duty levied on cotton.

Since the beginning of July this year, Cotton Corporation of India (CCI) increased the cotton price from Rs 51,000 to Rs 54,800 per candy of 355 kg. Prices of Gujarat-based Shankar-6 cotton increased from 43,300 in January 2021 to Rs 57,000 in July.

The high demand caused cotton stock with the CCI to deplete to around 9 lakh bales, which in turn pushed up the prices. The corporation had close to 115 lakh bales of cotton at the start of the current season in October 2020 and procured 92 lakh bales during the season.

Additionally, the largest cotton producer in the world, slipped down as the state of Texas faced a severe drought last year, thus causing cotton prices in India to firm up since December 2020.

Footwear retailer Foot Locker plans to expand its business by buying two smaller shoe store chains for a total of about $1.1 billion in cash. The company plans to buy California-based WSS for $750 million and Japanese streetwear retailer Atmos for $360 million. As per reports, WSS has a fleet of 93 off-mall stores across California, Texas, Arizona and Nevada, and has a largely Hispanic consumer base which Foot Locker is looking to tap into.

Meanwhile with 49 stores in Japan, Atmos is popular for its collection of special edition footwear in collaboration with brands including Nike Inc. WSS and Atmos will continue to operate under their own names. Both deals will be funded through available cash. Evercore served as financial adviser to Foot Locker on both the deals, while RW Baird advised WSS.

Foot Locker’s witnessed a boost in sales this year due to a pent-up demand for sneakers and athletic gear from US shoppers, as well as government stimulus