KARACHI, Aug 28: The price evaluation committee of the Trading Corporation of Pakistan (TCP) on Wednesday accepted the bids for 10,361 bales of cotton and gave counter offers to other bidders.

According to a press release, the corporation had invited tenders for local sale of 26,861 bales of cotton crop (2001-02). The tenders were opened on Tuesday.

The TCP accepted highest offers given by Sapphire Textile Mills and Gulistan Group of Companies at Rs2,060 for 1,000 bales each of grade I clean cotton. Counter offer was given to Sapphire Textile Mills for 500 bales of grade III (Afzal) at Rs1,960 against its quoted price of Rs1,935 per maund.

Ejaz Spinning Mills offered Rs2,025 and Rs2,000 per maund for 1,400 bales each of grade II clean cotton and grade III plus (Afzal), respectively, and was accepted by the TCP.

Ellcot Spinning Mills was asked to improve its price of Rs1,960 to Rs2,000 per maund for 500 bales of grade II (organic cotton from Balochistan), while its offer of Rs1,960 for 561 bales of same grade was accepted.

Four bidders whose bids ranged from Rs1,593 to Rs1,625 for 6,500 bales of grade IV was asked to upgrade their bids to Rs1,676 per maund.

A highest offer given by Indus Dyeing & Manufacturing for 4,000 bales of grade III plus (Afzal) at Rs1,977 per maund was accepted and counter offers were given to Indus Dyeing & Manufacturing for 2,000 bales, Ejaz Spinning Mills for 3,000 bales and Ejaz Textile Mills for 1,000 bales at the same rate.

Quetta Textile Mills bid at Rs1,875 for 1,000 bales of grade III was accepted while Naseem Enterprises and Gulistan Group of Companies was given counter-offers for 1,000 bales each at the same rate.