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Trident declines over 9% in five sessions

Capital Market 

Trident declined 2.55% to Rs 64.90, extending recent losses amid steep selling pressure.

Shares of Trident tumbled 9.86% in five trading sessions to its current market price of Rs 64.90 from its recent closing high of Rs 72 on Tuesday, 3 December 2019.

Meanwhile, the S&P BSE Sensex was down 236 points or 0.58% to 40,251.13.

Trident announced monthly production data for November 2019 during market hours today, 10 December 2019. In the home & textiles division, the production of bath linen declined 6.07% to 2,737 metric tonnes in November 2019 over 2,914 metric tonnes in November 2018. The production of bed linen jumped 14.07% to 2.27 million metres in November 2019 as against 1.99 million metres in November 2018. Yarn production fell 4.77% to 8,533 metric tonnes in November 2019 compared with 8,961 metric tonnes in November 2018.

In the paper & chemicals division, the production of paper rose 0.05% to 12,457 metric tonnes in November 2019 as against 12,450 metric tonnes in November 2018. Chemical production observed a 1.43% rise to 8,281 metric tonnes in November 2019 over 8,164 metric tonnes in November 2018.

Shares of Trident advanced 5.01% to its current market price of Rs 64.90 in the past one month.

On the technical front, the stock's RSI (relative strength index) stood at 49.156. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 61.84, as well as below its 200 DMA placed at Rs 62.33.

Trident's consolidated net profit rose 26.8% to Rs 139.81 crore on 4.3% decline in net sales to Rs 1,340.72 crore in Q2 September 2019 over Q2 September 2018.

Trident is a terry towel, yarn and wheat straw-based paper manufacturer. The company's segments include textiles, paper and chemical/chemicals and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 10 2019. 15:31 IST
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