Trident gains after grant of patent in USA

Trident rose 2.45% to Rs 66.95 at 11:38 IST on BSE after the company said it received a patent for environment friendly fabric in the US.

The announcement was made during trading hours today, 26 March 2019.

Meanwhile, the S&P BSE Sensex was up 53.71 points, or 0.14% to 37,862.62.

On the BSE, 55,000 shares were traded in the counter so far compared with average daily volumes of 1.33 lakh shares in the past two weeks. The stock had hit a high of Rs 68.75 and a low of Rs 66 so far during the day. The stock hit a 52-week high of Rs 75.60 on 15 January 2019. The stock hit a 52-week low of Rs 51 on 22 May 2018.

Trident has been granted a patent for "environment friendly fabric and its method of manufacturing" by United States Patent & Trademark Office. The present invention enables Trident to manufacture fabric for bed & bath products without the use of chemically harmful fibers and at the same time allowing the fabric to be absorbent, easy to dry and highly breathable. Consumers across the globe prefer such bed and bath products, the company said in a statement.

Net profit of Trident rose 53.56% to Rs 112.13 crore on 18.03% rise in net sales to Rs 1291.40 crore in Q3 December 2018 over Q3 December 2017.

Trident is a vertically integrated textile (yarn, bath & bed linen) and paper (wheat straw-based) manufacturer and is one of the largest players in home textile space in India.

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