ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Industry against Yarn Imports

Industry against Yarn Imports AT a time when textile mills are still unable to obtain cotton at reasonable prices, despite the earnest efforts of the authorities to control run-away prices through requisitioning and curbs on movement and distribution, the reported move of the Government to import cotton yarn from Hungary and the United Arab Republic has caused consider- able concern to the industry. The Indian Cotton Mills' Federation has raised some pertinent objections to the move. It has pointed out that imported yarn would cause serious disruption of the market for domestic manufacturers. The Federation argues that there is no dearth of yarn of the types sought to be imported from Hungary. There are in all 52 yarn gassing machines commissioned in different mills to manufacture gassed yarn. There are also over 120 yarn mercerising machines to make mercerised yarn.

Oils Gain in Price

as next year. It has plans to raise the authorised capital from Rs 1 crore to Rs 2 crores. However, at present there are no plans to in- crease the paid-up capital which stands at Rs 87.86 lakhs alter the recent bonus issue.

Oilseeds Turn Bearish

Oilseeds Turn Bearish A DISTINCTLY bearish trend was noticed in the oilseeds market last week, with sellers predominating both in futures and in spot. Although in the forward section there was stray professional support, the resultant firmness could not be sustained as bulges invariably attracted profit-booking. In the event, all the items traded in the market closed the week with a net loss.

Credit Curb Depress Cotton

 Associated Electrical Industries ASSOCIATED ELECTRICAL INDUSTRIES is expected to enter the capital market in April, 1967, with a public issue of 6.12 lakh equity shares of Rs 10 each at a premium of Rs 5 per share. The proceeds of the public issue will be utilised to finance the Company's expansion programme. The Company is making a fresh capital issue of 7 lakh equity shares of Rs 10 each at Rs 15 per share. Of this, 88,000 shares have been reserved for the directors, employees, and their friends and associates. The entire public issue of 6.12 lakh equity shares has been underwritten.

Too Shocked to Move

clined following the liberalisation of imports. The directors state in their sixth annual report that sales, including export sales, and profit for 1967 are expected to show a substantial improvement over 1966 provided the Government continues its liberalisation policy on imports and its control of inflationary pressures on costs. The Company's exports during 1966 were double those in the previous year.

Not Much Store by Policy

Not Much Store by Policy ALTHOUGH, in the face of a drastic bout of cotton requisitioning, on a near national scale, the cotton market witnessed a near-collapse on the price front, there was still a wide gap between the ruling rates and the official ceiling rates. In the course of his statement in the Lok Sabha last week, the Union Commerce Minister was at great pains to present the cotton situation in its proper perspective. He categorically declared that the Government was determined to intensify its requisitioning drive and to speed up cotton imports with a view to bridging the gap between supply and demand.

Mills, the Culprits

The Textile Commissioner has geared up his requisitioning machinery. Towards the end of last week, some 6,000 bales of cotton lying at Sewri were ordered to be requisitioned. The fact that the quantity involved is so large has been interpreted in market circles in Bombay as indicative of the commencement of a more vigorous drive than any attempted so far during the current season.

Trading Subdued

Trading in the oilseeds market was subdued and transactions were limited to stray lots. A feature of trading was the heavy selling in groundnut oil noticed at the start of the week on discouraging advices from Akola where cottonseed oil came under nervous offerings.

A Gujarat Ban Again

 however, fulfilled these hopes. In the present overstrained economic conditions, serious doubts arise about the ability of the economy to raise the resources for the Plan. The present approach to planning sets more store by the size of the outlay than by its ability to produce results. There are two main drawbacks in this approach, according to G L Mehta: First, once it becomes evident that the task is not likely to be fulfilled, it has a demoralising effect on the people. Secondly, an over-ambitious plan always leads to de facto prunning in the end, as constraints begin to make themselves felt. Such pruning inevitably leads to infructuous initial expenditure and, subsequently, to haphazard exclusion of schemes.

Scouring for Cotton

The expansion cost of Rs 111 lakhs will be met by the present capital issue of Rs 73.40 lakhs and a loan of Rs 37.50 lakhs from the Sperry Rand Corporation.

Oilseeds Dip with Fear

 year ended September 30, 1966. The Company's production, sales and profits have shown a steep rise following better utilisation of the plant capacity. The Company's sales have increased to Rs 12.71 crores from Rs 7.33 crores in 1964-65

Discontent on Cotton Imports

February 25, 1967 Company to pay a dividend of 16 per cent for the current year on the enlarged capital of Rs 54 lakhs. The Company had paid a dividend of J 6 per cent in respect of 1964-65.


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