BackTrident shares gain over 8% on Tuesday's trading session; check details
Trident Share Price: The company's shares began trading on the BSE at ₹33 per share and has now touched an intraday high of ₹35.70 and a low of ₹32.96.
PremiumTrident share price rose over 8% on Tuesday's trading session, and the textile stock is at a 20-week high. Trident shares began trading on the BSE at ₹33 per share and has now touched an intraday high of ₹35.70 and a low of ₹32.96.
The stock has increased 37.82% in value since March 27 and exceptionally performed so far. Following Promoter Madhuraj Foundation's purchase of more than 1.23 crore equity shares in the company via block deal, the stock started to move upward.
Before the news that Promoter had increased his stake of the company, the stock had been in a downward trend for more than a year. According to data from trendlyne, the promoter share ownership rose to 73.2% in the most recent quarter, up 0.3%. The stock price dropped 24.5% during the past year, underperforming its industry by 53.7%.
The company's March monthly production update revealed a 7% month-over-month increase in bath linen production, a 13% month-over-month increase in bed linen production, and a 15% month-over-month increase in yarn output, all of which helped to sustain the upward trend in April. The stock gained 11.27% in April, and so far in May its gained 12.06%.
In March, bath linen manufacturing fell 2% year over year, while yarn output fell 12% from the same time previous year. On the other hand, throughout the same time period, bed linen output increased by 8%.
Paper production increased month over month by 1% to 12,010 metric tonnes in the paper and chemical sector, and chemical production increased by 12% to 9,378 metric tonnes in March compared to February. Paper output decreased 12% on an annual basis in March while chemical output increased 2%.
Analysts claim that there isn't a significant explanation for Trident's advance; altogether, the chart structure is favourable following the stock's breach over its crucial resistance level of 33. They said the stock was in action ahead of Q4FY23 earnings expectation due this week.
“In the last two months, trident has outperformed from ₹25 to ₹35 a raise of 40%," added an analyst.
The textile fabric manufacturer will report its Q4FY23 numbers on Thursday, May 18.
At 14:52 IST, shares of the company was up 8.02% at ₹35.29 apiece on BSE.
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