Mid Cap Textile Stock Under Rs 47 Soars 13.81% Today, Gains 28.48% In 2-Weeks

Mid cap company Trident Ltd shares have been witnessing sharp rally for the last few days. Trident shares soared 13.81% intraday and gained 26.93% in last 1-week. Current market price of Trident stock on BSE is Rs 46.55 apiece. The company has a market capitalisation of Rs 23,446.49 crore. Check details below:

Trident Stock Performance & Return: The stock's 52-week high price is Rs 46.95 per share and 52-week low price is Rs 25.10 per share, respectively. Trident shares gained 28.48% in last 2-weeeks only, jumped 38% in last 6-months, and rose again by 38% in last 1-year. In last 2-years, Trident stock witnessed decline by 12.58%. Trident shares rallied 218% in last 3-years and 583% in last 5-years.

Why Textiles Stocks Have Been Soaring? The textile industry is likely to witness moderate revenue growth in 2023-2024 (FY24) as domestic demand has been surging steadily. The textile industry is on the path to recovery with management remaining positive about the future. Last year FTA discussions gained momentum as India planned to engage in talks with the United Kingdom, Canada and the European Union on the sidelines of the G20 Summit. If an FTA with the UK becomes effective, it would lead to duty-free exports to the UK, thus boosting India's competitiveness.

Trident Financials: The company on November 14, declared its consolidated net profit at Rs 90.31 crore for the quarter ended September 30, 2023, up 141.5% from Rs 37.39 crore in the corresponding quarter of last financial year, according to the BSE filing of the company. The company declared its total revenue at Rs 17,97.52 crore, up 25% from Rs 14,37.67 crore in the year ago period, added the BSE filing.

Trident About: The group catapulted to become the largest manufacturer of terry towels and one of the largest integrated home textile manufacturers in the world. The Trident Group today, is a USD 3 billion plus global conglomerate with a formidable presence in home textiles, paper and stationery and chemicals. Behind these accomplishments lie innumerable stories of its people, who have made it a force to reckon with. The, according to its official website.

Disclaimer:

The stock highlights the rally in shares and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.