Small-cap stock Trident rallied over 14 per cent on Monday, December 9 amid strong trading volumes in the counter. The company’s shares rose following the announcement of a ₹3,000 crore investment plan by the company.
Trident share price touched the day’s high of ₹39.26 on the BSE. At 2.25 pm, the stock was trading 10.92 per cent higher at ₹38.19, compared to the previous day’s close at ₹34.43.
On BSE, the total traded quantity was 83.43 lakhs, much higher than the two-week average of 6.23 lakh shares. Meanwhile, on NSE, 19.80 crore shares changed hands.
The small-cap stock priced below ₹50 hit its 52-week high of ₹52.85 on the BSE on January 9 while its 52-week low stands at ₹31.06, touched on November 11.
According to a BSE filing, the textile company announced that its Chairman, Rajinder Gupta at the ‘Invest Madhya Pradesh: Regional Industry Conclave, Narmadapuram’ discussed the potential investments and industrial expansion in the state’s textile sector.
Looking to the future, Rajinder Gupta revealed plans for Trident Group to invest an additional ₹3,000 crore in the state’s textile sector. This new investment is expected to create more than 3,000 additional jobs, increasing Trident’s workforce in Madhya Pradesh from 12,000 to over 15,000.
Gupta also highlighted that the company ventured into Madhya Pradesh a few years ago with an investment of ₹5,000 crore. The finished products manufactured from the state are now exported to 122 countries.
“We are committed to ensuring that the benefits of our operations stay within Madhya Pradesh, from sourcing cotton to producing finished goods. The state is an ideal confluence of sustainability, inclusive growth, and green energy, with immense potential for solar and wind energy development,” said Gupta in the statement.
About Trident Group
Trident Limited is a Punjab-based textile and paper manufacturer. The company specialises in making yarn, bath and bed linen, wheat-straw-based paper, and towels to cater to its customers globally.
The company has its manufacturing facilities at Barnala and Dhaula, Punjab, and also in Budhni, Madhya Pradesh, according to the exchange filing.
Chairman Rajinder Gupta held discussions with the Chief Minister of Madhya Pradesh, Mohan Yadav, about the opportunities in the State’s textile sector on Monday.
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