Trident issues CPs worth Rs 50 cr; stock hits 52-week high

Trident soared 9.51% to Rs 8.98 after the company said that it issued commercial paper (CPs) worth Rs 50 crore.

The CPs were allotted on 2 December 2020 and will mature on 2 February 2021 (a tenure of 62 days). The CPs carry interest rate of 4.75% per annum, the company announced after market hours yesterday, 2 December 2020.

Trident's consolidated net profit dropped 24.4% to Rs 105.69 crore on a 12.4% decline in net sales to Rs 1,173.98 crore in Q2 September 2020 over Q2 September 2019.

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.

 

The scrip hit 52-week high at Rs 9.17 during intraday trade. The stock has jumped 194.42% from its 52-week low of Rs 3.05 hit on 24 March 2020.

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