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Business News/ Markets / Stock Markets/  Trident share price rises more than 9%, gaining for the 7th straight session. Here's what is driving the stock price
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Trident share price rises more than 9%, gaining for the 7th straight session. Here's what is driving the stock price

Stock Market Today- Trident share price gained more than 9% to scale 52 week highs during the intraday trades on Tuesday. The stock gained for the seventh straight session. Here's what is driving the gains

Trident gained more than 9% on Tuesday to scale 52-week highs. Here's what has been driving gains for the seventh straight session.Premium
Trident gained more than 9% on Tuesday to scale 52-week highs. Here's what has been driving gains for the seventh straight session.

Trident share price gained more than 9% during intraday trades on Tuesday. It also scaled 52-week highs of 52 85 on the BSE (Bombay Stock Exchange) and 52.90 on the National Stock Exchange. 

Trident remains in limelight having risen regularly during 2024. Trent share price that is up 33% in the last six trading sessions during the calendar year 2024, rose for seventh day on Tuesday.

The rally in the share prices has been led by Trident’s announcement with regards to its capacity enhancements on 29th December. The same has lifted investor confidence on forward earnings trajectory.

In its release on the exchanges, Trident had said that its existing capacity of the Yarn Business at Budhni, Madhya Pradesh, has been enhanced with effect from December 29, 2023.

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The existing Yarn capacity at Budhni manufacturing unit stood at 5,89,248 Spindles, 7464 Rotors and 160 Air Jet. The capacity was running at 82% utilisation as per the release. Trident in its release said that it has added 1,89,696 Spindles to the same. The investments by Trident on the same amounts to 830 Crores. The funds for capacity enhancements have been raised by Trident through term loans and Internal accruals, as per the release.

Trident Ltd headquartered in Ludhiana, Punjab, is a vertically integrated textile (Yarn, Bath & Bed Linen) and Paper (Wheat Straw-based) manufacturer. Trident’s towels, yarns, bed sheets and paper businesses are among the recognized businesses. The Company operates in three major business segments: Yarn, Home-Textiles, Paper and Chemicals with its manufacturing facilities located in Punjab and Madhya Pradesh

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Trident Limited had also been granted Patent for “Terry Fabric Weave and Resulting Terry Fabric" by The Patent Office, Government of India during the month of November.

Trident consolidated income from operations during the September quarter at 1811.95 Crore had risen 25.5% year-on-year. Tridents consolidated net profit after exceptional items during the quarter at 90.31 crore had grown multifold from 37.39 crore in the year ago quarter.

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 09 Jan 2024, 01:16 PM IST
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