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Budget 2008-09: Textiles

FY08 was the year of troubled times for the Indian textile industry. As the rupee appreciated against the U.S. dollar by more than 15%, the small and medium-size firms have been contemplating either laying off workers or closing down. The Clothing Manufacturers Association of India (CMAI) estimates that 500,000 to 600,000 jobs are at risk. As exporters struggle to secure profitable orders, the Ministry of Textiles' US$ 25.1 bn export target for the fiscal year seems well beyond reach. Companies are also trying to add niche value-added material to their product mix to stabilise their margins. Some firms that have ventured into retail chains are finding rising commercial real estate prices an impediment to their ability to roll out with the speed necessary to attain critical mass. Read more

Budget Measures

Schemes for Integrated Textile Parks (SITP) and the Technology Upgradation Fund (TUF) to be continued in the Eleventh Plan period. Provision for SITP to be maintained at Rs 450 crore in 2008-09.

Provision for TUF to be increased to Rs 1,090 crore in 2008-09 from Rs 911 crore in 2007-08.

250 clusters being developed and 443 yarn banks established under the cluster approach to the development of the handloom sector.

Over 17 lakh families of weavers to be covered under the health insurance scheme by March 2008. Allocation for this purpose being increased to Rs.340 crore in 2008-09;

Infrastructure and production being scaled up by taking up six centres for development as megaclusters. Varanasi and Sibsagar to be taken up for handlooms, Bhiwandi and Erode for powerlooms, and Narsapur and Moradabad for handicrafts. Each mega-cluster to require about Rs 70 crore. Initial provision of Rs 100 crore made in 2008-09.

National calamity contingent duty (NCCD) of 1% removed on polyester filament yarn and the levy shifted to cellular mobile phones.

General CENVAT rate on all goods reduced from 16% to 14%.

Budget Impact

Additional allocation to TUF to accelerate the capital investment in the textile sector.

Continuation of schemes for Integrated Textile Parks (SITP) to attract additional investment in this sector.

Clusters for yarn, handloom, handicraft and powerloom to bring more pricing power to these unorganised segments of the textile sector.

Health insurance schemes for weavers to offer protection to employees in the unorganised segments of the sector.

Removal of national calamity contingent duty (NCCD) of 1% on polyester filament yarn to benefit the companies that have spinning capacities.

Company Impact

Additional allocation to TUF will help companies like Alok Industries and Welspun India to accelerate their capex plans

Continuation of schemes for Integrated Textile Parks (SITP) to benefit Alok Industries

Industry Wishlist

Mr. Sunil Khandelwal, CFO Alok Industries

Adequate provision for TUFs subsidy in the budget - Looking to the overall loan disbursements of about Rs 400 bn made under the scheme and the backlog in disbursement of subsidy, a provision of at least Rs 20 bn should be made in the budget to ensure timely benefit to the industry.

Large amount of CENVAT credit and service tax credit has accumulated with the textile companies. Companies that have adopted exemption route have no means to utilise the accumulated credit. This needs to be looked into

Reduction of excise duty and custom duty on polyester fibre from 8% to 4% or zero. Custom duty from 5% to 4% and SAD of 4% to be made zero.

Reduction of custom duty from 7.5% to 5% on textile machinery. In case of import under EPCG scheme, the duty to be made zero from present 5%.

Blending of Textile SEZ with Integrated Textile Park Scheme (STIP) - Extend the benefits of STIP to Textile specific SEZ with higher allocation of funds.

Focus Market and Focus Products Scheme - to be made more attractive to suit the Textile Industry

FICCI

Excise duty on synthetic fibres, PP fibre and filament yarns along with their raw materials be reduced to 4%

There has been a history of dumping of synthetic fibres for the last several years particularly from the Asian countries such as Taiwan, Korea, Malaysia, Thailand, Indonesia, China etc. The import duty on synthetic fibres is only 7.5%. A study carried out by NCAER has shown that even with 20% import duty, synthetic fibres do not get sufficient protection. It is, therefore, suggested that no further reduction of import duty is made on polyester chips, synthetic fibres.

Specific custom duty on textile products to be continued, if necessary extend certain concessions to member countries of SAFTA

Apparel Export Promotion Council (AEPC) is pitching for 100% tax exemption on profits from apparel exports

Budget over the years

Budget 2005-06 Budget 2006-07 Budget 2007-08

Duty on textile machinery reduced from 20% to 10%
Duties on polyester and nylon chips, textile fibres, yarns and intermediates, fabrics, and garments reduced from 20% to 15%
Excise duty on Polyester Filament Yarn reduced to 16%
Allocation of Rs 4.4 bn for Technological Upgradation Fund (TUF) and a 10% capital subsidy scheme introduced for the textile-processing sector
30 products related to hosiery and knitting exempt from the reserved category.

Allocation to the Technology Upgradation Fund (TUF) enhanced from Rs 4.4 bn to Rs 5.4 bn.
Provision for the interest subsidy on term loans to the handloom sector to be increased from Rs 2.0 bn to Rs 2.4 bn.
Rs 1.9 bn to be provided for the Scheme for Integrated Textiles Parks (launched in October 2005 with the intention of creating 25 textile parks).
Excise duty on all man-made fibre yarn and filament yarn to be reduced from 16% to 8%.
Import duty on all man-made fibres and yarns to be reduced from 15% to 10%.

Provision for Integrated Textiles Parks (launched in October 2005 with the intention of creating 25 textile parks) to increase from Rs 1.9 bn to Rs 4.3 bn.
Technology Upgradation Fund (TUF) scheme to continue during the 11th plan (2007- 2012) with provision of Rs 9.1 bn for FY08.
Reduction in duty on polyester fibres and yarns from 10% to 7.5% and on raw materials such as DMT, PTA and MEG from 10% to 7.5%.

[Read more on Budget 2005-06] [Read more on Budget 2006-07] [Read more on Budget 2007-08]

Key Positives

Government aid: The Ministry of Textiles, announced in November 2007 a 10% reduction on export credit guarantee premiums, a 10% to 40% increase in prevailing duty drawback rates, and a 2% reduction in pre-shipment and post-shipment credit interest rates. The government also released about Rs 6 bn to clear all arrears of terminal excise duties and central sales tax reimbursements.

Facilitating growth: An additional 10% capital subsidy was allowed for processing machines under the Technology Upgradation Fund Scheme (TUFS). The additional subsidy shall encourage more processors to opt for the scheme. This will help in upgradation of machinery and will be beneficial for the processing sector in the long term.

Vision 2010: The Union Textiles Ministry has unveiled a white paper - Vision 2010 - for the apparel sector, which set the target of US$ 50 bn exports by 2010.

Consolidation is the key: Every manufacturer is ramping up capacities to meet the challenges of the quota free regime. Also, large textile firms within India are buying small-scale garment manufacturers to shore up their production facilities.

Key Negatives

Dollar debacle: The United States is the largest buyer of Indian textiles and apparel, at 19% and 33%, respectively. That helps explain the degree of pain the dollar's fall has inflicted. Apparel and textiles together contribute more than 30% of India's net export earnings. While the rupee has appreciated more than 15% compared with the dollar over the last year and a half, competing countries' currencies have not appreciated correspondingly. The troubles come amid slackened demand from the Western consumer. With U.S. economic growth slowing, U.S. retailers have offered deep discounts. That has left India's exporters squeezed by customers who want more for less and by a currency whose appreciation provides less when they do make sales. The Confederation of Indian Textile Industry estimates that for every 1% fall in the value of the dollar compared with the rupee, profits of Indian textile companies fall by 1.2%.

Technology constraints: The rush of garment exports in the quota-free regime has not yet materialised in the Indian textiles sector. Lack of a state-of-the-art technology present the most serious challenge to India's attempt to increase its exports. The total number of shuttle less looms as a percentage to total looms in India in 2003 was 9.5% as against 94.8% in USA and 95.2% in Austria (Source: Ministry of Textiles). India's number of shuttle less looms as a percentage of total looms is the lowest, next only to Pakistan with 7.6%.

Unfavorable labour laws: Labour laws in India have been traditionally less favourable to the industry. In the absence of concrete labour policies, the industry has often got paralysed due to labour strikes, thereby compromising on efficiencies of scale of operations.

Logistical pains: India also has logistic disadvantage due to its geographical location, which is distant from major markets as compared to its global competitors like Mexico, Turkey and China, which are relatively located in close vicinity to global markets like the US, Europe and Japan. As a result, the cost of shipments is higher.

Archaic regulatory regime: Although quota restrictions have been dismantled, domestic textile players continue to be caught in archaic Indian government regulations like the 'Handloom Reservation Order' and the 'Hank Yarn Obligation Order'.

Budget Impact: Textile Sector Analysis for 2007-08 | Textile Sector Analysis for 2009

Latest: Performance Of Textile Stocks | Textile Sector Report

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Sector Performance

COMPANY PRICE (Rs)

A.V.COTTEX 29.3
(0.0%)

AANANDA LAKSHMI 21.9
(-2.0%)

AARVEE DENIMS & EXPORT 27.5
(-2.3%)

AB COTSPIN INDIA LTD. 222.0
(0.0%)

ACKNIT INDUSTRIES 250.1
(-1.8%)

ADDI IND. 59.2
(0.3%)

ADHINATH TEX. 28.3
(3.5%)

ADITYA SPIN. 24.0
(-1.2%)

ADVANCE LIFESTYLES 43.3
(-2.1%)

AKM LACE AND EMBROTEX 113.0
(-0.4%)

AKSHAR SPINTEX 2.4
(1.7%)

ALOK INDUSTRIES 27.5
(-0.2%)

AMARJOTHI SPINNING 184.1
(1.9%)

AMBASSADOR INTRA HOLDINGS 43.7
(-1.5%)

AMBIKA COTTON 1,537.3
(-0.4%)

AMRAPALI INDUSTRIES 14.5
(-2.6%)

AMRAWORLD AGRICO 1.0
(0.0%)

ANGEL FIBERS 22.0
(-2.0%)

ANJANI SYNTHETICS 44.6
(2.1%)

APM INDUSTRIES 68.5
(-4.8%)

ARVIND 314.2
(-2.2%)

ASHIMA. 22.2
(2.4%)

ASHNOOR TEXTILE 66.4
(-4.9%)

AUNDE FAZE THREE 91.9
(-0.2%)

AVIVA INDUSTRIES 24.5
(0.0%)

AXITA COTTON 23.3
(-1.1%)

AYM SYNTEX 94.6
(-1.0%)

BANG OVERSEAS 53.7
(-4.7%)

BANNARI AMMAN SPIN 49.2
(6.9%)

BANSWARA SYNTEX 149.4
(0.3%)

BARODA RAYON 182.1
(1.0%)

BELLA CASA FASHION 314.0
(5.0%)

BENGAL TEA 148.3
(-1.7%)

BETEX INDIA 260.0
(0.9%)

BHANDARI HOSIERY 8.0
(0.1%)

BHILWARA TECHNICAL TEX. 38.0
(-1.6%)

BILLWIN INDUSTRIES 96.8
(-3.3%)

BINAYAK TEX PROC. 798.0
(5.0%)

BINDAL EXPORTS 21.0
(4.7%)

BINNY 155.6
(4.8%)

BINNY MILLS 208.1
(-5.0%)

BIZOTIC COMMERCIAL 56.0
(0.1%)

BL.CHIP TEX 171.4
(0.7%)

BLACK ROSE IND 134.3
(0.8%)

BOMBAY DYEING 167.8
(-1.0%)

BSL. 186.8
(-1.9%)

CENTURY ENKA 462.3
(-0.3%)

CHANDNI MACHINES 63.9
(1.3%)

CHEVIOT CO. 1,320.2
(-0.4%)

CIL NOVA PETRO 27.0
(-0.3%)

CITYMAN 25.2
(0.0%)

CPS SHAPERS LTD. 368.0
(5.1%)

DAMODAR INDUSTRIES 51.5
(-0.8%)

DCM 79.7
(0.1%)

DCM NOUVELLE 213.2
(-2.7%)

DHAN ROTO SP 162.3
(0.5%)

DHANLAXMI FABRICS 67.8
(1.0%)

DIGJAM 87.6
(-1.6%)

DOLLAR INDUSTRIES 559.2
(-1.4%)

DONEAR IND. 104.1
(-1.4%)

E LAND APPAREL 7.9
(-2.1%)

EASTERN SILK IND 2.1
(-4.9%)

EUROTEX IND 13.8
(-1.7%)

EVERLON SYN. 79.0
(4.0%)

FAZE THREE 420.6
(-1.5%)

FIBERWEB (INDIA) 35.7
(-1.2%)

FILATEX INDIA 63.3
(-0.9%)

FLORA TEXTILES 9.4
(0.0%)

GAEKWAR MILLS 12.5
(0.0%)

GANESHA ECOSPHERE 1,088.9
(0.9%)

GANGOTRI TEX 1.1
(0.0%)

GARMENT MANTRA LIFESTYLE 5.9
(1.9%)

GARWARE TECHNICAL 3,258.0
(-0.6%)

GEM SPINNERS 3.3
(-2.9%)

GHCL TEXTILES 84.1
(-0.8%)

GINNI FILAM. 35.9
(0.6%)

GIVO. 2.6
(0.0%)

GLOBE TEXTILES (INDIA) 3.5
(2.9%)

GLOBUS CONST. 17.2
(5.3%)

GLOSTER 920.5
(-0.5%)

GO FASHION (INDIA) 1,113.0
(-0.4%)

GOKAK TEXTILES 235.4
(-1.2%)

GOLDEN CARPE 12.4
(5.0%)

GRASIM 2,345.4
(-1.0%)

GTN INDUSTRIES 32.3
(-0.3%)

GTN TEXTILES LIMITED 12.4
(4.0%)

GUJARAT COTEX 5.3
(4.1%)

HAR.FIBRES 15.9
(0.0%)

HARIA APPARELS 5.5
(-4.4%)

HARISH TEXTILE ENGINEERS 53.2
(0.3%)

HIGH STREET 57.2
(0.0%)

HIMATSINGKA SEIDE 141.8
(0.8%)

HISAR SPIN. 50.0
(-4.0%)

INDO COUNT 397.0
(-0.2%)

INDO RAMA SYN 45.4
(0.5%)

INDOVATION TECH 93.6
(-1.9%)

INTEGRA ESSENTIA 4.2
(4.8%)

IRIS CLOTHINGS 79.2
(0.8%)

JAGJANANI TEXTILES 12.0
(-2.0%)

JAKHARIA FABRIC 34.0
(0.0%)

JAMSHRI RANJ 6,945.8
(5.0%)

JATTA POLY 21.5
(-3.9%)

JAYKAY ENTERPRISES 138.5
(-3.2%)

JINDAL COTEX 2.6
(1.6%)

JINDAL POLYFILMS 583.6
(0.3%)

JIWANRAM SHEODUTTRAI INDUSTRIES LTD. 15.5
(-2.2%)

KAKATIYA TEXT. 20.0
(2.4%)

KALLAM SPG. 10.0
(-2.8%)

KAMA HOLDINGS 2,750.7
(-0.6%)

KAMADGIRI SY 75.1
(1.3%)

KANDAGIRI SPINNING 23.1
(5.0%)

KAPIL COTEX 114.6
(-2.0%)

KARNIKA INDUSTRIES LTD. 307.4
(0.7%)

KEWAL KIRAN CLOTHING 711.5
(1.3%)

KHOOBSURAT 1.3
(-2.3%)

KIRAN SYNTEX 8.1
(1.1%)

KITEX GARMENTS 204.8
(1.0%)

KPR MILL 864.6
(-0.3%)

LA-MERE APP. 41.7
(-0.7%)

LAKHOTIA POLY 36.5
(0.0%)

LAKSHMI MILLS 5,164.1
(0.2%)

LAMBODHARA TEXTILES 156.1
(0.0%)

LAXMI COTSPIN 32.6
(-1.4%)

LE MERITE EXPORTS 74.2
(6.2%)

LORENZINI APPARELS 25.8
(-2.0%)

LOVABLE LINGERIE 125.2
(0.9%)

LOYAL TEXTILE MILLS 567.2
(0.0%)

LUDLOW JUTE 87.1
(-0.5%)

LUX INDUSTRIES 1,420.6
(5.3%)

LWS KNITWEAR 30.1
(-3.2%)

M. K. EXIM 91.8
(2.0%)

MAHALAXMI RUBTECH 205.2
(-4.6%)

MANDHANA INDUSTRIES 9.8
(-4.8%)

MANOMAY TEX INDIA 201.0
(1.0%)

MARAL OVERSEAS 75.3
(2.2%)

MARIS SPIN. 38.2
(1.3%)

MEERA INDUSTRIES 44.6
(-0.7%)

MID INDIA INDUS. 9.7
(-1.0%)

MISH DESIGNS 125.0
(0.0%)

MOHIT INDUST. 22.5
(-3.1%)

MONTE CARLO 683.4
(0.9%)

MORARJEE TEXTILES 20.8
(-5.0%)

NAGREEKA EXPORTS 34.0
(1.3%)

NAHAR INDUSTRIES 130.2
(0.0%)

NAHAR POLY FILMS 203.3
(-0.9%)

NAHAR SPINNING M 285.5
(-2.1%)

NANDAN DENIM 41.3
(-0.4%)

NANDANI CREATION 50.2
(1.5%)

NEO INFRACON 16.8
(3.5%)

NEW LIGHT APPARELS 21.9
(-5.0%)

NIBE LIMITED 1,560.8
(-0.7%)

NITIN SPINNER 354.5
(-0.9%)

NUTECH GLOBAL 21.5
(0.0%)

NUTRICIRCLE 237.6
(0.0%)

OMKAR OVERSEAS 4.3
(0.0%)

ORBIT EXPORTS 176.8
(-1.8%)

OSIAJEE TEXFAB 39.0
(2.9%)

OSWAL YARNS 20.5
(2.0%)

OVERSEAS SYNTHETICS 91.4
(-3.8%)

PAGE INDUSTRIES 35,225.8
(-0.9%)

PARAS PETROFILS 3.9
(-1.8%)

PASARI SPIN 8.2
(1.9%)

PASUPATI ACRYLON 38.9
(0.1%)

PASUPATI SPG 37.3
(-1.8%)

PATSPIN INDIA 13.8
(0.1%)

PBM POLYTEX 90.9
(3.8%)

PEARL GLOBAL 593.2
(0.0%)

PEETI SECURITIES 22.9
(-0.5%)

PIONEER EMBROID. 43.7
(-2.0%)

PODDAR DEVELOPERS 105.0
(-2.3%)

PRAKASH WOOL 37.3
(-3.5%)

PRECOT MERIDIAN 410.0
(0.2%)

PREMCO GLOB. 423.1
(1.2%)

PREMIER SYNTHETICS 17.5
(-2.5%)

PRIME URBAN DEV. 10.2
(4.6%)

RAGHUVIR SYNTHETICS 115.3
(0.1%)

RAJ RAYON IND. 22.9
(1.2%)

RAJASTHAN PETRO 3.1
(2.0%)

RAJKAMAL SYNT. 29.9
(9.8%)

RAMGOPAL POL 5.4
(0.0%)

RANGOLI TRADECOMM 6.2
(0.5%)

RAYMOND 2,106.8
(-0.7%)

REDTAPE 731.5
(0.8%)

RELIANCE CHEMOTEX 227.0
(-0.6%)

RIBA TEXTILES 85.0
(1.6%)

RITESH INTER 28.0
(-1.4%)

RSC INTERNATIONAL 7.5
(4.9%)

RSWM 191.1
(-0.5%)

RUBY MILLS 201.7
(-0.6%)

RUDRA ECOVATION 43.9
(0.5%)

S V GLOBAL 104.0
(3.5%)

S&T CORPORATION 26.7
(-0.3%)

S.P. APPARELS 586.3
(-1.3%)

SAHAJ FASHIONS LTD. 22.9
(0.0%)

SALONA COTSPIN 288.1
(-2.4%)

SAMBANDAM SPIN 151.5
(-0.6%)

SAMTEX FASHIONS 2.2
(2.8%)

SANRHEA TECHNICAL 121.0
(1.8%)

SARLA PERFORMANCE 58.1
(-0.9%)

SAYAJI INDUSTRIES 191.0
(-2.1%)

SEL MANUFAC 78.6
(-0.9%)

SHAHLON SILK IND 26.0
(0.2%)

SHANTI SPINTEX LTD. 67.0
(2.6%)

SHEKHAWATI POLY 2.7
(1.1%)

SHESHADRI INDUSTRIES 13.2
(-3.0%)

SHINE FASHIONS (INDIA) 180.2
(5.0%)

SHIVA MILLS 92.0
(-0.3%)

SHIVA SUITINGS 25.8
(-5.0%)

SHIVA TEXYARN 168.5
(0.7%)

SHREE BHAVYA FABRICS 25.4
(3.2%)

SHREE KARNI FABCOM LTD. 427.9
(-0.3%)

SHREE MANUFACT. 13.7
(-0.8%)

SHREE RAJASTHAN SYN. 7.0
(0.0%)

SHRI DINESH 495.0
(-0.8%)

SHUBHAM POLYSPIN 22.1
(1.1%)

SIGNORIA CREATION LTD. 170.0
(2.1%)

SIL INVESTMENTS 514.1
(-0.9%)

SIMPLEX MILLS 4,379.0
(5.0%)

SIYARAM SILK 473.0
(-1.1%)

SKS TEXTILES 13.1
(0.0%)

SOMA TEXTILES 37.9
(-5.0%)

SOURCE INDUST. 3.2
(-4.8%)

SPECTRUM ELEC 1,310.0
(-1.1%)

SPL INDUSTRIES. 60.5
(0.4%)

SPORTKING INDIA 858.3
(-0.4%)

SREE JAYALAK. 6.2
(4.9%)

SRF 2,637.6
(-0.1%)

SRI LAK.SAR. 41.0
(5.7%)

SRI NACHAMAI 34.0
(-0.2%)

SRI NANDAA SPINNERS LTD. 4.9
(-9.4%)

SUBHASH SILK 24.2
(0.4%)

SUMEET INDUSTRIES 2.2
(-3.2%)

SUNCITY SYNT 10.1
(4.9%)

SUNIL INDUS. 55.1
(-5.0%)

SUPER FINE KNITTERS 12.7
(-5.0%)

SUPER SALES 1,756.5
(-0.3%)

SUPER SPINNING 7.1
(0.0%)

SUPERTEX IND 12.4
(0.2%)

SURAT TEXT. 10.2
(0.5%)

SURBHI IND. 4.4
(5.0%)

SURYAAMBA SPINNING 168.9
(0.4%)

SURYALAKSHMI COTT 72.9
(0.8%)

SURYALATA SP 411.5
(-0.1%)

SUTLEJ TEXTILES 59.1
(-1.0%)

SUUMAYA INDUSTRIES 8.5
(-1.2%)

SUZLON FIBRE 7.9
(-0.1%)

SWADESHI POLYTEX 268.5
(-5.0%)

SWAN ENERGY 613.6
(-0.5%)

SWARAJ SUITING 238.0
(-0.8%)

SWASTI VINAYAKA SYN 8.1
(-0.4%)

SYBLY INDUSTRIES 6.2
(1.3%)

TATIA GLOBAL VEN. 3.9
(1.8%)

TCNS CLOTHING CO. 463.0
(2.6%)

TEJASSVI AAHARAM 67.8
(2.0%)

TINE AGRO 32.5
(2.0%)

TITAANIUM TEN ENTERPRISES 35.8
(2.3%)

TRIDENT 39.8
(-0.8%)

TRIDENT TEXOFAB 49.4
(-1.0%)

TRITON CORP 0.5
(0.0%)

TT 110.4
(-1.9%)

TUNI TEXTILE 1.8
(-0.5%)

UNISOCKS (I) 15.6
(-0.1%)

UNITED LEASING 26.5
(5.0%)

UNITED TEXT. 18.2
(0.9%)

UNIWORTH 1.0
(0.0%)

VALSON INDUS 29.6
(0.5%)

VANDANA KNITWEAR 4.2
(1.9%)

VARDHMAN TEXTILES 451.3
(-2.1%)

VEEJAY LAKSH. 52.0
(2.8%)

VEEKAYEM FASHION AND APPARELS LTD. 266.8
(2.5%)

VENTURA TEXTILES 13.5
(-2.0%)

VIJAY TEXTILE 17.8
(-0.6%)

VINNY OVERSEAS 4.1
(0.0%)

VIP CLOTHING 38.7
(-0.8%)

VISHAL COTSPIN 59.8
(0.0%)

VIVAA TRADECOM LTD. 34.0
(3.0%)

VOITH PAPER 2,016.4
(2.0%)

VTM LIMITED 67.9
(1.1%)

WEIZMANN. 129.3
(-2.8%)

WELSPUN LIVING 153.1
(-1.4%)

WINSOME TEXTILE 83.1
(-0.7%)

WINSOME YARNS 3.7
(-1.9%)

WIRES & FABRIKS 165.5
(5.5%)

YORK EXPORTS 40.5
(-1.2%)

ZENITH EXPORTS 179.4
(-1.9%)