Trident Share Price Surges To Four-Month High On Fresh Investment Plans In Madhya Pradesh

Trident Ltd.'s share price witnessed a 14% rise intraday following Chairman Rajinder Gupta's announcement of fresh investment plans of an additional Rs 3,000 crore in Madhya Pradesh's textile sector, while speaking at the Invest Madhya Pradesh: Regional Industry Conclave in Narmadapuram.

This new investment comes on top of the Rs 5,000 crore already invested by the group in the state, with finished products now being exported to 122 countries, as per a company disclosure to exchanges. The expansion is expected to boost Trident's workforce in Madhya Pradesh from the current 12,000 to over 15,000, with 50% of the new jobs earmarked for women.

"The state is an ideal confluence of sustainability, inclusive growth, and green energy, with immense potential for solar and wind energy development," said Gupta, highlighting Madhya Pradesh's conducive environment for industrial growth.

Trident is one of the players in India's home textile and paper manufacturing sectors. Its vertically integrated operations, including towels, yarns, bedsheets, and wheat-straw-based paper, cater to a global clientele.

The scrip rose as much as 13.96% to Rs 39.27 apiece, the highest level since Aug. 6, 2024. It pared gains to trade 10.71% higher at Rs 38.15 apiece, as of 02:25 p.m. This compares to a 0.3% decline in the NSE Nifty 50 Index.

It has risen 2.01% on a year-to-date basis. Total traded volume so far in the day stood at 44 times its 30-day average. The relative strength index was at 76.15.

One analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside of 4.6%.