Centre defers QCO on textile machinery to 2026
On August 28, 2024, the ministry had issued the Machinery and Electrical Equipment Safety (Omnibus Technical Regulation) Order 2024, making the QCO mandatory for weaving and embroidery machines, including their assemblies and sub-assemblies.
The Southern Gujarat Chamber of Commerce and Industry (SGCCI), under the leadership of its immediate past president Vijay Mevawala, had made several representations to the Centre.
"This will benefit the industry, and the growth cycle will continue in the textile sector in the region. We thank the govt for considering trade and industry's viewpoint," said Mevawala.
SGCCI president Nikhil Madrasi added, "This decision enables Indian manufacturers to produce high-speed weaving and embroidery machinery on par with imported ones, furthering the '
Make in India
' vision."
Recently, SGCCI vice-president Ashok Jirawala, former president Ashish Gujarati and other industrial bodies met Union minister for heavy industries HD Kumaraswamy in New Delhi to urge deferment of the QCO.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Top 5 Dividend Stocks for May 2025
Seeking Alpha
Read Now
Undo
They argued that Surat, the country's largest MMF textile hub, annually imports 2,500 to 4,000 high-speed weaving and embroidery machines, many of which are not yet made domestically.
Given that MMF continues to dominate textile investments — particularly in waterjet, airjet, and rapier machines — the industry had sought time until domestic manufacturing capacity matched import quality. The Centre's latest decision comes as a major relief for the sector.
Follow more information on
Air India plane crash in Ahmedabad here
. Get
real-time live updates
on rescue operations and check
full list of passengers onboard AI 171
.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
10 minutes ago
- Mint
Top Gainers and Losers on July 22: Eternal, Swiggy, NLC India, GMDC, MRPL, Paytm, Hitachi Energy among top gainers today
withssioIndian front-line indices ended Tuesday's session with mild cuts, as continued weakness in Reliance Industries weighed on the market. However, a sharp rise in Eternal and marginal gains in banking heavyweights, including HDFC Bank and ICICI Bank, helped limit the losses. Though the markets started with a healthy upside, tracking strong gains from Wall Street, they couldn't sustain those levels due to weak support from select heavyweights, eventually dragging the Nifty 50 down to close with a cut of 0.12% at 25,060. The S&P BSE Sensex also closed with a mild 0.02% lower at 82,212 points. Markets have remained in a tight range so far in July, largely with a negative bias, amid uncertainty over an interim trade deal between the US and India. According to market experts, if India doesn't secure a favorable deal with tariffs below 20 percent, it would be a short-term negative from a market perspective. Negotiations between India and the US are still underway, and recent reports indicate that both countries are unlikely to strike a deal before August 1, when the reciprocal tariffs announced by Donald Trump are expected to take effect. However, there is still a possibility of another extension of the pause on tariffs, as the US has so far finalized trade deals with only four countries. Treasury Secretary Scott Bessent said on Monday that the administration prioritizes the quality of trade agreements over their timing. He noted that President Donald Trump would decide whether to extend the deadline for countries making productive progress with Washington. While the Indian stock market continues to trade in a tight range, several stocks have managed to finish with solid gains, with Eternal continue to emerge as the top performer for the second straight day in a row, gaining another 10.40% to ₹ 300 apiece as brokerage firms lifts the target price on the stock following the company's June quarter numbers, which showed a strong growth in its e-commerce segment. The rally has spilled over its rival Swiggy shares, which ended with a gain of 6% as investors similar kind os results from the compnay India Cements shares have also finished the session with a stellar gain of 8% at ₹ 371 apiece after Parent UltraTech Cement says rapidly integrating companys' operations, plans capex to drive efficiency. It is Confident of reaching 1,000 rupees EBITDA/ton by fiscal year 2028 from current 400 rupees. Meanwhile GMDC and NLC India have gained 5% each after Latest data from China shows that the country boosted shipments of rare earth magnets in June, after a global supply squeeze that threatened factory closures and heightened trade tensions
Business Standard
10 minutes ago
- Business Standard
Sellowrap Industries Limited to Launch IPO on July 25, 2025; Over Four Decades of Automotive Expertise Enters Capital Markets
VMPL New Delhi [India], July 22: Sellowrap Industries Limited, a Mumbai-headquartered manufacturing company serving leading OEMs across automotive, white goods, and non-automotive sectors, has announced the opening of its Initial Public Offering (IPO) on July 25, 2025. The issue will close on July 29, 2025, with listing proposed on August 01, 2025 on NSE EMERGE platform. The company's IPO comprises a fresh issue of 36,48,000 Equity Shares. Founded as a proprietary firm in 1983 by Mr. Sushil Kumar Poddar and formally incorporated as a private limited company in 2004, Sellowrap Industries has evolved over four decades into a trusted manufacturer of both adhesive and non-adhesive processed components. With a diversified customer base of major domestic and global OEMs, the company operates across Gurugram, Ranipet, Kancheepuram, and Pune, covering approximately 5 acres of cumulative production space. The IPO is priced in a band of ₹79 to ₹83 per share, and the minimum application lot size is 3200 equity shares. The allocation will be made in accordance with SEBI guidelines, with 6,91,200 shares reserved for Qualified Institutional Buyers (QIBs), 5,23,200 shares for Non-Institutional Investors (NIIs), 12,16,000 shares for Retail Individual Investors (RIIs), and 182400 shares for Market Makers. The Anchor Book will open on July 24, 2025, ahead of the public issue. There are 10,35,200 shares reserved for Anchor. With a well-integrated business model, in-house R & D capabilities, and advanced facilities for foam and plastic component production, Sellowrap delivers solutions that prioritize cost-efficiency, innovation, and global quality compliance. The company forms part of the SK Group, which also includes M/s Saurabh Marketing Pvt. Ltd., Sellowrap EPP Pvt. Ltd., Prystine Food & Beverages Pvt. Ltd., and Group Company Proton Consultancy Services Pvt. Ltd. The Company's Promoter and Managing Director, Mr. Saurabh Poddar, stated, "This IPO is not just a financial milestone but a strategic enabler for our future. With over four decades of domain knowledge, we are ready to scale and innovate further, deepening our footprint in both Indian and global markets while continuing to serve OEMs with quality, precision, and value." Mr. Alok Harlalka, Managing Director ofGretex Corporate Services Limited, the Book Running Lead Manager to the issue, said, "Sellowrap represents a compelling growth story rooted in legacy and innovation. With its robust presence in OEM supply chains and a proven manufacturing track record, the company is well-positioned to create long-term value for investors." Mr. Sumit Harlalka, Director at Gretex, added, "The company's customer-centric approach, diversified portfolio, and strong focus on operational excellence make it a standout player in the components manufacturing space. We are proud to partner with them on this important capital market journey." The net proceeds from the fresh issue will be used for funding capital expenditure towards plant and machinery, Infrastructure Development and Other Auxiliary Equipment, working capital requirements, and general corporate purposes, strengthening Sellowrap's operational capacity and competitiveness. The Book Running Lead Manager to the issue is Gretex Corporate Services Limited, and the Registrar to the Offer is Purva Sharegistry (India) Private Limited. For more information, please visit:
The Hindu
10 minutes ago
- The Hindu
Rupee falls 5 paise to close at 86.36 against US dollar
The rupee pared initial gains and settled for the day down 5 paise at 86.36 (provisional) against the US dollar on Tuesday (July 22, 2025) amid uncertainty over the US-India trade deal ahead of the August 1 deadline. Forex traders said, all eyes are now on the outcome of India-U.S. trade talks, especially as the August 1 deadline for potential tariffs on Indian exports draws near. The weakness in the American currency and softening of crude oil prices supported the rupee at lower levels, while foreign fund outflows and a negative trend in domestic equities weighed on the local unit and restricted the upside. At the interbank foreign exchange, the domestic unit opened at 86.26 against the greenback and touched an intra-day high of 86.22 and a low of 86.41 against the greenback. At the end of Tuesday's trading session, the local unit settled at 86.36 (provisional), down 5 paise over its previous closing price. On Monday, the rupee depreciated 15 paise to close at 86.31 against the US dollar. "We expect the rupee to trade with a slight negative bias on trade deal talks. However, weakness in the American currency and softening of crude oil prices may support the rupee at lower levels," Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said. Meanwhile, the U.S. team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the U.S. teams concluded the fifth round of talks for the agreement last week in Washington. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). If the discussions fail or get delayed, Indian exporters could face fresh pressure -- adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. "Traders may remain cautious ahead of PMI and durable goods orders data from the US this week," Choudhary said, adding that USD-INR spot price is expected to trade in a range of 86.10 to 86.65. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 97.82. Brent crude, the global oil benchmark, fell 0.94 per cent to USD 68.56 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex declined 13.53 points, or 0.02 per cent, to close at 82,186.81, while the Nifty fell 29.80 points, or 0.12 per cent, to settle at 25,060.90. Foreign institutional investors (FIIs) offloaded equities worth ₹1,681.23 crore on a net basis on Monday, according to exchange data.
