Trident Share Price Soars to 52-Week Highs Amid Capacity Enhancement News

Trident Share Price Soars to 52-Week Highs Amid Capacity Enhancement News

VoM News Desk | January 9, 2024 | 01:58 PM IST | Breaking News | Follow on Google News

Trident Share Price Soars to 52-Week Highs Amid Capacity Enhancement News/Mint

Trident Share Price Soars to 52-Week Highs Amid Capacity Enhancement News

Trident share price surged more than 9% during intraday trading on Tuesday, reaching 52-week highs of ₹52.85 on the BSE and ₹52.90 on the NSE, showcasing its consistent rise in the year 2024.

The recent upward trajectory in Trident’s share prices is attributed to the company’s announcement regarding capacity enhancements on December 29. This news has significantly boosted investor confidence in the company’s future earnings outlook.

According to the company’s release on the exchanges, Trident has expanded its existing Yarn Business capacity at Budhni, Madhya Pradesh, effective from December 29, 2023.

The prior Yarn capacity at the Budhni manufacturing unit consisted of 5,89,248 Spindles, 7464 Rotors, and 160 Air Jets, running at an 82% utilization rate. Trident has added 1,89,696 Spindles to this capacity, investing ₹830 Crores raised through term loans and internal accruals for this expansion.

Headquartered in Ludhiana, Punjab, Trident Ltd is a vertically integrated textile (Yarn, Bath & Bed Linen) and Paper (Wheat Straw-based) manufacturer. The company operates in three major segments: Yarn, Home-Textiles, Paper, and Chemicals, with manufacturing facilities located in Punjab and Madhya Pradesh.

In a significant development, Trident Limited secured a Patent for “Terry Fabric Weave and Resulting Terry Fabric” from The Patent Office, Government of India in November.

During the September quarter, Trident reported a 25.5% year-on-year increase in consolidated income from operations, amounting to ₹1811.95 Crore. The consolidated net profit after exceptional items for the quarter surged multifold to ₹90.31 crore from ₹37.39 crore in the same quarter the previous year.

VoM News Desk

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