following an income tax raid conducted at multiple locations of the company.
The shares of one of India’s largest yarn producers declined by 3 percent to Rs 36 a share on Tuesday after the Income tax department conducted raids on Group locations.
At 3:25 p.m. on Tuesday, Trident Ltd shares were trading at Rs 36.10 a share on the National Stock Exchange, down 2.8 percent from the previous close.
According to an ANI report, the Income Tax Department has conducted a raid on Trident Group as a part of an inquiry into alleged financial irregularities.
According to CNBC TV18, searches are being conducted at multiple Trident Group locations, including Punjab and the National Capital Region.
The company’s shares have delivered returns of 15 percent in six months and upto 2 percent in a year.
The company’s operational revenue has decreased by 11 percent yearly, from Rs 1,679 crore in Q1FY23 to Rs 1,493 crore in Q1FY24. In the same time frame, net profit has decreased by 28 percent from Rs 128 crore to Rs 91 crore.
In the recent financial year, the company reported a net profit margin of 6.96 percent and an operating margin of 10.39 percent.
As per the latest shareholding pattern, promoters hold 73.19 percent stake of the company, while retail investors hold 23.03 percent stake.
Trident Ltd manufactures, trades, and sells Yarn, Terry Towels and bed sheets, and Paper and chemicals. The company received 66 percent revenue from exports in June 2023.
Written by Omkar Chitnis
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