Trident down in red
Trident has been among the top five losers on the BSE since the morning; from its previous close of Rs.34.72, the stock fell to an intraday low at Rs.31.65 and continues to trade around same levels. Its 52-week high is at Rs.49.35 and low at Rs.25.10.
The company did not have a great show for Q4FY23 with net profit coming in at Rs.130 crore, down 28% (YoY). This was on a 16% drop in net revenue at Rs.1573 crore.
EBITDA for the quarter was down 20% at Rs.268 crore.
There was a decline in all its segments – yarn, towel and bedsheets; only its paper and chemicals unit showed a rise.
The board also recommended raising of funds for Rs.500 crore by the issue of non-convertible debentures (NCDs), by way of public or private offering, in one or more tranches, upon the approval of shareholders.