Trident gains on commissioning 1.1 MWp solar project in Madhya Pradesh

Shares of Trident Ltd gained on Friday, April 12, after the company announced commissioning of a solar project in Madhya Pradesh.

The Trident stock gained as much as 1.36% in morning trade on Friday to hit an intraday high of ₹40.9 apiece on the National Stock Exchange of India (NSE). Though soon it erased all its gains to trade in the negative zone for over an hour, it recovered again to trade in the green territory around 11 am.

At 12:17 pm, Trident shares were trading at ₹40.4 apiece, up 0.12%.

In a stock exchange notification released late on Wednesday, Trident informed that it has successfully commissioned the capacity of 1.1 MWp solar power project at Budhni, Madhya Pradesh.

With the commissioning of the latest project, the total installed capacity of the roof top solar power plant at the Budhni facility has reached 29.5 MWp.

The company also said that the power generated from the solar project will be consumed captively for its manufacturing facilities located at Budhni, Madhya Pradesh. The new solar project will considerably reduce the carbon footprint of the company, Trident informed the stock exchanges.

Trident is the flagship company of the Trident group. It operates in four major business segments of Yarn, Towel, Bedsheets, and Paper and chemicals.

The company has manufacturing plants at 3 locations in India— Budhni (Madhya Pradesh), Dhaula (Punjab) and Sanghera (Punjab).

Earlier this month, Trident announced that credit rating agency CARE Ratings has reaffirmed the company’s long-term bank facilities at “CARE AA” with ‘stable’ outlook.

The agency has also affirmed the company’s short-term rating at CARE A1+, Trident said in a separate stock exchange filing.

“The ratings assigned to bank facilities of Trident continue to derive strength from its experienced management, diversified and integrated operations across textile, paper and chemicals, geographically diversified revenue stream, and long and established customer relationship with large global retailers for its home textile business,” CARE Ratings observed.