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Trident snaps 8-day wining streak; gains over 453% this year

Trident hit a lower circuit of 5% at Rs 54.70 amid some bit of profit booking.

November 29, 2021 11:32 IST | capital market

The stock had advanced 47.38% in the past eight sessions, from its recent closing low of Rs 39.05 recorded on 15 November 2021.

On a year-to-date (YTD) basis, the stock has zoomed 453.64% while the benchmark Sensex has added 20.49% during the same period.

On the technical front, the stocks RSI (relative strength index) stood at 76.335. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 37.12, 28.69 and 21.88, respectively.

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.

On a consolidated basis, net profit of Trident rose 121.96% to Rs 234.59 crore on 44.09% rise in net sales to Rs 1691.59 crore in Q2 September 2021 over Q2 September 2020.

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