Trident firms up on bagging European patent

Trident was up 1.44% to Rs 7.05 after the company said it was granted patent for "Terry fabric weave and resulting Terry fabric" by European Patent Office.

Trident during market hours today, 19 December 2019, announced that the present invention relates to Terry Fabric weaves, method for weaving Terry fabric comprising such weaves and resulting Terry fabrics. In particular, the invention relates to Terry fabrics having improved material effectiveness, pull resistance, absorbency, softness and uniformity of texture. The grant of this patent provides further recognition of the quality of the innovation being carried out by Trident.

Earlier this month, the company announced its production data for November 2019 during market hours today, 10 December 2019. In the home & textiles division, the production of bath linen declined 6.07% to 2,737 metric tonnes in November 2019 over 2,914 metric tonnes in November 2018. The production of bed linen jumped 14.07% to 2.27 million metres in November 2019 as against 1.99 million metres in November 2018. Yarn production fell 4.77% to 8,533 metric tonnes in November 2019 compared with 8,961 metric tonnes in November 2018.

On consolidated basis, Trident's net profit rose 26.8% to Rs 139.81 crore on 4.3% decline in net sales to Rs 1,340.72 crore in Q2 September 2019 over Q2 September 2018.

The stock trades below its 50-day moving average (DMA) placed at 7.45 and above 100 days simple moving average placed at 6.59. These levels will act as crucial resistance and support zones for the stock in near term.

Trident is a terry towel, yarn and wheat straw-based paper manufacturer. The company's segments include textiles, paper and chemical/chemicals and others.

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