Trident Share Price Soars For Second Consecutive Day Following Investment Announcement
Trident stock had surged by 14% on Monday, hitting a four-month high.
Trident Ltd.’s share price continued its upward momentum for the second consecutive day, rising nearly 6% on Tuesday, following a major investment announcement in Madhya Pradesh. The stock had surged by 14% on Monday, hitting a four-month high, after Chairman Rajinder Gupta revealed plans for an additional Rs 3,000-crore investment in the state's textile sector.
The announcement was made at Invest Madhya Pradesh: Regional Industry Conclave in Narmadapuram, where Gupta highlighted the company’s growing commitment to the region. This new investment will build on the Rs 5,000 crore Trident has already invested in the state, further cementing the company’s role in MP's industrial landscape. The expansion will significantly boost Trident's presence in the textile sector, with finished products now being exported to 122 countries globally.
Along with the financial investment, the expansion is expected to create more job opportunities, with the company planning to increase its workforce in Madhya Pradesh from 12,000 to over 15,000 employees. Notably, 50% of the new jobs are earmarked for women, in line with Trident's commitment to fostering gender inclusivity in its operations.
Trident, a key player in India’s home textile and paper manufacturing sectors, has vertically integrated its operations, which include the production of towels, yarns, bedsheets, and wheat straw-based paper. With a global clientele, the company’s expansion plans are seen as a positive signal for both its business growth and contribution to the local economy.
Trident Share Price
The scrip rose as much as 5.82% to Rs 40.20 apiece. It pared gains to trade 3.58% higher at Rs 39.35 apiece, as of 10:00 a.m. This compares to a 0.21% advance in the NSE Nifty 50.
It has risen 3.96% in the last 12 months. Total traded volume so far in the day stood at 43 times its 30-day average. The relative strength index was at 79.
The one analysts tracking the company maintains a 'buy', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 6.2%.
