Trident gains after making further investment in European subsidiary

The announcement was made after market hours yesterday, 7 April 2016.

Meanwhile, the S&P BSE Sensex was down 11.28 points or 0.05% at 24,674.14.

On BSE, so far 1.26 lakh shares were traded in the counter as against average daily volume of 1.82 lakh shares in the past one quarter. The stock hit a high of Rs 51.90 and a low of Rs 49.60 so far during the day. The stock had hit a record high of Rs 62 on 3 December 2015. The stock had hit a 52-week low of Rs 22.05 on 27 April 2015. The stock had outperformed the market over the past one month till 7 April 2016, gaining 3.24% compared with 0.16% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 8.93% as against Sensex's 0.67% fall.

The mid-cap company has equity capital of Rs 509.37 crore. Face value per share is Rs 10.

Trident said that acquisition of shares in its European subsidiary is done for forward/backward integration of textiles business of the company at the global level. The investment falls under overseas direct investment under automatic route. The acquisition will be completed by 30 April 2016, it added.

Trident on 26 November 2015 incorporated Trident Europe as wholly owned subsidiary in United Kingdom to widen its reach in European markets, strengthening its marketing channels and to act as a catalyst to superior customer service in those markets. Trident Europe is operating in the field of home textiles in Europe.

Trident's net profit jumped 153% to Rs 61.04 crore on 4.2% decline in net sales to Rs 888.12 crore in Q3 December 2015 over Q3 December 2014.

Trident is a leading manufacturer and exporter of home textiles & paper products.

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