Trident surges after restoring normalcy in operations of project in Budni

Trident surged 9.71% to Rs 35.60 at 14:10 IST on BSE after the company said that normalcy in operations in Yarn manufacturing & Composite Textile Project in Budni, Madhya Pradesh has been restored.

The company made announcement during market hours today, 29 July 2015.

Meanwhile, the S&P BSE Sensex was up 55.26 points or 0.2% at 27,514.49.

On BSE, so far 13.27 lakh shares were traded in the counter as against average daily volume of 1.83 lakh shares in the past one quarter.

The stock hit a high of Rs 37.50, which was also a 52-week high for the stock. The stock hit a low of Rs 32.55 so far during the day. 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 28 July 2015, rising 38.09% compared with Sensex's 1.27% decline. The scrip had also outperformed the market in past one quarter, gaining 38.68% as against Sensex's 0.23% gain.

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

On 22 July 2015, Trident had informed about disruption in Yarn manufacturing operations as well as ongoing Composite Textile Project, due to heavy rains and intrusion of flash flood water in Trident Complex in Budni, Madhya Pradesh.

The stock had jumped 8.17% to Rs 32.45 yesterday, 28 July 2015 after reporting strong Q1 results. Trident's net profit rose 88.8% to Rs 60.97 crore on 3.7% decline in total income to Rs 880.81 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours on Monday, 27 July 2015.

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

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