I-T raids underway at Trident Group locations; stock down 2%

Searches are underway at several locations of Trident Group including Punjab and NCR. More details are currently awaited on the raids.

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Shares of Trident Group were trading 2.42 percent lower on the NSE at Rs 36.25 at 10: 44 am,  on October 17 on news of I-T raids being conducted across Group locations. The stock had opened at Rs 37.30, 0.4 percent higher than close on October 16.

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CNBC TV18 has reported that  searches are underway at several locations of Trident Group including Punjab and NCR.

According to an ANI report, officials have said that Income tax department raids at Trident Group are part of an investigation into potential financial irregularities.

More details are currently awaited on the raids.

Ludhiana based Trident Group is yet to announced its Q2FY24 results. In Q1FY24, the company reported net sales of Rs 1,493.71 crore down 11.08 percent from Rs. 1,679.90 crore in June 2022. Quarterly net profit was also down 27.79 percent to Rs. 93.40 crore in June 2023 from Rs. 129.35 crore in June 2022. For the same period, EBITDA reported was Rs. 242.71 crore in June 2023 down 9.04 percent from Rs. 266.83 crore in June 2022.

Also read: Are cotton textile stocks headed for a re-rating?

Trident Group is a global conglomerate with a  presence in home textiles, paper, and chemicals. It has presence both in India and globally, with exports contributing around 66 percent to their revenue, as of June 2023.

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