Trident Ltd gets second patent this month; shares recover intraday losses
The textile and paper manufacturing firm, Trident Ltd announced its second patent grant since June 2020. The latest grant is for pile fabric method and manufacturing.
The shares were still trading in a negative territory despite the news of the patent grant. This flagship company of Trident Group had jumped 20 per cent after its earlier announcement of patent grant by the company.
The latest invention would provide plurality of warp and weft yarn. The pile fabric means that the fabric is raised over surface. Pile textiles of the company include carpets, plush and towels etc. The textile segment contributed nearly 80 per cent in the total revenue of the company. It added that the consistent and positive trend on patent front from US authorities would further enhance the recognition of the quality of the company. During previous month, the company also informed about the manufacturing of its new product i.e. Kraft Paper. The product will have uses in packaging material such as carry bags, business cards, Kraft envelopes, etc. This further unlocks the value for the company.
On Tuesday, the stock closed at Rs 6.74, lower by 2.88 per cent on BSE.