Trident surges on heavy volumes

The stock surged 15% to Rs 57.40 on the NSE.

Shares of textile company Trident surged 15% to Rs 57.40 on the National Stock Exchange (NSE) on back of heavy volumes amid a media report which suggests that Target Group plans to shift Welspun contract to Trident.

The stock is currently trading nears to its all-time high price of Rs 62 touched on December 3, 2015.

The trading volumes on the counter jumped more than 10-folds. A combined 25.62 million shares representing 5% of total equity of Trident changed hands on the NSE and BSE till 12:00 pm.

The BSE said that the exchange has sought clarification from Trident on August 26, 2016, with reference to news published in CNBC TV 18 dated August 26, 2016 stating "Target Group mulls shifting Welspun contract to Trident. Target Group may be sampling bedsheets made by Trident"

The reply is awaited.

On August 10, TAL Benefit Trust had sold 17.4 million equity shares representing 3.4% of total equity of Trident at an average price of Rs 46.89 per share, the NSE bulk deal data shows.

Bhatinda Cotton Traders Private Limited bought 4.7 million shares, and Satyam Home Furnishings Private Limited purchased 4.2 million shares, the data shows. The name of the other buyers not ascertained. LINK

Trident Ltd (formerly known as Abhishek Industries (ABIL)) a flagship company of Trident Group was promoted by Rajinder Gupta. The company the world's largest exporter of terry towels is the largest exporter to USA. Wall Mart is one of the company's prestigious client.