Shares of Trident rallied 4.8 percent intraday Friday to hit a 52-week high of Rs 57.20 on incorporation of wholly owned subsidiary in the UK.
"The company has incorporated Trident Europe as wholly owned subsidiary in United Kingdom," says the manufacturer & exporter of terry towel, home textile, yarn and paper.
This subsidiary will help the company to widen its reach in European markets, strengthening its marketing channels and will act as a catalyst to superior customer service in those markets, it adds.
Additionally, the company (on October 27) had reported a massive 142.8 percent year-on-year growth in profit at Rs 51 crore but registered a 0.5 percent decline in revenue at Rs 961 crore for the quarter ended September 2015 due to lower yarn realisations and higher captive consumption of yarn.
At 11:24 hours IST, the scrip of Trident was quoting at Rs 57, up Rs 2.40, or 4.40 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar