MUMBAI (Commodity Online): Textile and garment manufacturers reeled under pressure on the Indian bourses today as the government rules out possibility of putting ban on Cotton exports so as to control rising cotton prices.

The textile and garment makers and different stakeholders of the same had sought a ban on the cotton exports considering the rising cotton prices. However, Dayanidhi Maran, Uinion Textile Minister had said that there was no need to put ban on raw cotton export in the current situation.

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Speaking to reporters in New Delhi, the Minister had said that according to the latest production estimates, the current cotton year (October to September) would see cotton production in the range of 295 to 300 lakh bales. He hoped that fresh arrivals would trickle in the markets in the second week of December.

He said last year the domestic consumption of Cotton was 230 lakh bales against the production of 290 lakh bales. Hence, there is no question of seeking a ban on raw cotton export, “especially at this point of time but if the situation worsens, we will respond” adequately, told Maran.

Textile and garment makers remained under pressure on the Bombay Stock Exchange (BSE) today. Arvind Ltd (BOM: 500101) traded in red at Rs.34.75 down by 0.7% on the BSE today. Aditya Birla Nuvo Ltd (BOM:500303) reeled under pressure and traded with marginal gains of 0.34% at Rs.836.40.

Denim maker and exporter, Arvee Denims & Exports Ltd (BOM: 514274) also remained under pressure at Rs.58.10 with marginal rise of 0.09%. Cotton prices remained at Rs.25800 per candy on the NCDEX December contract.

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