Trident jumps after announcing strong Q1 results

Trident jumped 9.5% to Rs 32.85 at 12:00 IST on BSE after net profit rose 88.81% to Rs 60.97 crore on 3.74% decline in net total income from operations to Rs 879.08 crore in Q1 June 2015 over Q1 June 2014.

The result was announced after market hours yesterday, 27 July 2015.

Meanwhile, the S&P BSE Sensex was up 2 points or 0.01% at 27,563.38.

On BSE, so far 5.13 lakh shares were traded in the counter as against average daily volume of 1.70 lakh shares in the past one quarter.

The stock hit a high of Rs 33.75 and a low of Rs 32 so far during the day. The stock had hit a 52-week high of Rs 34.90 on 15 July 2015. The stock had hit a 52-week low of Rs 19.30 on 26 March 2015.

The stock had outperformed the market over the past one month till 27 July 2015, rising 27.66% compared with Sensex's 0.9% decline. The scrip had also outperformed the market in past one quarter, gaining 34.83% as against Sensex's 1.41% gain.

The mid-cap company has equity capital of Rs 508.85 crore. Face value per share is Rs 10.

Trident said that the board of directors of the company at its meeting held yesterday, 27 July 2015, has declared first interim dividend of Rs 0.30 per share for the year ending 31 March 2016 (FY 2016).

Trident said that the board of directors / strategy committee of the company at its meeting held yesterday, 27 July 2015, inter alia, has approved raising of funds upto Rs 60 crore through issue of unlisted non convertible cumulative redeemable preference shares on private placement basis.

The strategy committee of the company has revisited capital expenditure (capex) plan of yarn modernization project (Rs 103.9 crore) and captive power project (Rs 393 crore for 60 megawatts (MW)) at its Budni, Madhya Pradesh facility. This is in-line with management's focus on consolidating its existing Terry Towel operations and upcoming Composite "Bed Linen project. Going forward, based on free cash flow generation, Trident may evaluate a captive power plant at its Budni Facility in smaller phase, Trident said.

Trident is one of the leading manufacturers & exporters of terry towel, home textile, yarn & paper in India.

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