Trident hits record high; spurts 33% in seven days

Trident was locked in an upper circuit of 5% at Rs 32.35, extending its winning run to seventh consecutive trading session.

Shares of Trident have surged 33.68% in seven trading sessions from its previous closing low of Rs 24.2 on 24 September 2021. The counter hit an all-time high of Rs 32.35 in intraday today. The stock has zoomed 354% from its 52-week low of Rs 7.12 recorded on 30 October 2020.

In last one month, the stock has moved nearly 37% higher outperforming Nifty 50 index which rose 2.6% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 86.558. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 22.66 and 19.74 respectively. These levels will act as crucial support zones in near term.

Punjab-based 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.

On a consolidated basis, the company posted a sharply higher net profit of Rs 206.81 crore in Q1 FY22 as compared to Rs 10.11 crore posted in Q1 FY21. Net sales jumped 109% to Rs 1,482.38 crore in Q1 FY22 over Q1 FY21.

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