This will help ramp up its apparel sale and grow the fabric business over the next few years, a senior company executive said.
At the meeting, to be held on May 11, "the Board will inter alia consider the matter regarding fund raising options available to the company by way of issue of non convertible debentures up to Rs 500 crore on a private placement basis", Arvind Ltd said in a filing to BSE.
The ready-to-wear brand called Arvind, which will have clothes under three categories of "work, leisure and ceremonial," will be available at the company's "The Arvind Store" across Gujarat and Karnataka before expanding to its 170 stores across 100 cities, Kulin lalbhai, executive director of Arvind Limited told reporters.
"The committee of directors approved issue of non-convertible debentures (NCDs) aggregating up to an amount of Rs 150 crore on a private placement basis," Raymond said in a BSE filing.
India and Bangladesh have expanded the scope of engagement to an unprecedented scale and are more than just neighbours, Power Minister Piyush Goyal said on Thursday.
Union Textiles Minister Smriti Irani, Power Minister Piyush Goyal, MSME Minister Kalraj Mishra, senior bureaucrats and several top industrialists, especially from Gujarat, will be among those present in the conference, officials said.
Textile company Arvind's profit on consolidated basis is expected to fall 20 percent year-on-year to Rs 84 crore as its brand and retail business is likely to be hit by demonetisation.
Government today said MoUs worth Rs 8,835 crore in textile sector were signed during a seminar at the Vibrant Gujarat Summit.
Accounting for a whopping 23,000 crore per year in exports, Tirupur and Tamil Nadu is home to a vibrant textile industry. Since demonetisation, town's revenue from retail and wage payments have been hit.
There are reports of many jobs having been lost as companies have been forced to lay off employees because of cash crunch. And the situation is expected to get worse in the short term before things start looking up
Nahar Industrial Enterprises shares were locked at 20 percent upper circuit at Rs 118.25 on Tuesday after reporting more than 15-fold jump in bottomline due to strong operational performance.
Hit by demonetisation Indian textile major Raymond has seen 30 percent decline in demand over 3-4 weeks, said CEO Sanjay Behl.
The introduction of GST will help create a level-playing field for the bigger textile manufacturers as smaller or unorganised sector will not be able to use some of the current practices to keep themselves competitive, a senior industry official said today.
Of this, "more than 81 percent of persons trained have been placed including 79 percent of the trained women," an achievement report prepared by the DIPP and the Textiles Ministry today said.
The Taiwan Textile Federation (TTF) is bullish on domestic textile sector and is looking to export textiles products worth around USD 500 million to India in the next five years.
Welspun India yesterday reported a consolidated net loss of Rs 147.52 crore for the second quarter ended September due to provisions for Egyptian cotton products supply issue.
The participants will represent sectors such as agri-business, food processing, automobile, engineering, defence, IT, renewable energy, pharmaceuticals, textile and tourism.
The corporation has sold 51.85 lakh shares of the Ahmadabad-based Arvind Ltd between November 22, 2007 and October 7, 2016, the textile manufacturer said in a BSE filing.
Technocraft Industries has been buzzing off late with a 75 per cent gain in the last six months. In an interview to CNBC-TV18, Sharad Saraf, MD of Technocraft Industries said that the stock was undervalued for a long time. Hence, it's coming back to its normal levels now.
The industry also requested the government to direct Cotton Corporation of India to procure 70 to 80 lakh bales in peak season when prices rules lower than global rates and retain cotton as buffer stock and sell this quantity only to actual users during May-September.
Post demerger, Sintex Industries will predominantly carry the textile and spinning business, Samir Joshipura, Group CEO of Sintex told CNBC-TV18.
The cotton value chain is currently attracting zero central excise duty, unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage, ICRA said.
Net profit increased 26 percent to Rs 78.45 crore year-on-year (YoY) and EBITDA rose 24 percent to Rs 247 crore (YoY).
"With this brand, we aim to capture a 10 percent market share of the Rs 2,000-crore worsted suit market segment in the next three years and 20 percent in the next five years," a company statement said here.
Scientists have created a low-cost, flexible and light-weight textile material that may be used in light-emitting clothing, signs and architecture.