{"id":112061,"date":"2023-10-17T16:28:56","date_gmt":"2023-10-17T10:58:56","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=112061"},"modified":"2023-10-17T16:29:01","modified_gmt":"2023-10-17T10:59:01","slug":"midcap-stock-falls-3-after-income-tax-raids-at-multiple-locations-of-the-company","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/midcap-stock-falls-3-after-income-tax-raids-at-multiple-locations-of-the-company\/","title":{"rendered":"Midcap stock falls 3% after income tax raids at multiple locations of the company"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3546112996\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>following an income tax raid conducted at multiple locations of the company.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1932150965\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The shares of one of India\u2019s largest yarn producers declined by 3 percent to Rs 36 a share on Tuesday after the Income tax department conducted raids on Group locations.&nbsp;<\/p><p>At 3:25 p.m. on Tuesday, <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/TRIDENT\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Trident Ltd<\/a><\/strong> shares were trading at Rs 36.10 a share on the National Stock Exchange, down 2.8 percent from the previous close.\u00a0<\/p><p>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.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-2699419501\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>According to CNBC TV18, searches are being conducted at multiple Trident Group locations, including Punjab and the National Capital Region.&nbsp;<\/p><p>The company\u2019s shares have delivered returns of 15 percent in six months and upto 2 percent in a year.&nbsp;<\/p><p>The company\u2019s 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.&nbsp;<\/p><p>In the recent financial year, the company reported a net profit margin of 6.96 percent and an operating margin of 10.39 percent.&nbsp;<\/p><p>As per the latest shareholding pattern, promoters hold 73.19 percent stake of the company, while retail investors hold 23.03 percent stake.&nbsp;<\/p><p>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.&nbsp;<\/p><div class=\"trade-content-10\" id=\"trade-3202452854\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Omkar Chitnis<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-1353181237\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>following an income tax raid conducted at multiple locations of the company. The shares of one of India\u2019s largest yarn producers declined by 3 percent to Rs 36 a share on Tuesday after the Income tax department conducted raids on Group locations.&nbsp; At 3:25 p.m. on Tuesday, Trident Ltd shares were trading at Rs 36.10 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[948,936,13438,9478,2715],"class_list":["post-112061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-stock-market","tag-stock-market-news","tag-trident-income-tax-raid","tag-trident-latest-news","tag-trident-share-price"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Midcap stock falls 3% after income tax raids at multiple locations of the company - 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