Trident shares on Monday ended at Rs 38.04, up by 10.4% while Himatsingka settled at Rs 211, gaining over 8%. Meanwhile, Welspun Living and Gokaldas Exports shares finished at Rs 1,035 and Rs 173.60, respectively surging by 6.5% and 5.7%.
Trident stock reacted to a media report on Bangladesh’s interim regime’s plans to sell ownership of 32 loss-making garment companies under the Beximco Group to address ongoing workers’ protests over unpaid wages and allowances.
The report published by Business Standard further stated that Janata Bank has been instructed to finalise an Expression of Interest (EoI) for the sale of ‘B’ category companies by 9 December. Md Mazibur Rahman, managing director of Janata Bank, had told Business Standard that the decisions from the Advisory Council meeting were placed before the bank’s board.
The decision comes after the arrest of Salman F Rahman, Vice-Chairman of Beximco and a former adviser to ex-Prime Minister Sheikh Hasina. The report said the group’s financial difficulties were exacerbated after Rahman’s arrest.
The Beximco Group comprises 169 companies and is reportedly looking to sell 32 entities classified under Category B and primarily involved in textiles and garments. The sale aims to clear debts owed to Janata Bank and IFIC Bank, the report said.Market laggards for more than a year, Trident shares have given just 1% returns during this period as against 17% given by the Nifty. In 2024 so far, the Punjab-based textile company has given returns of 4%. The company had reported declines in its September quarter standalone net profit and revenue at Rs 83.50 crore and Rs 1,720.50, respectively. In the year-ago period, the PAT and revenue stood at Rs 128 crore and Rs 1,775 crore, respectively.Meanwhile, Himatsingka Seide is a global player in integrated textiles. The stock hit a 52-week high of Rs 212.85. The YTD returns by this stock stand at 22% while 1-year returns stand at 18%.
Gokaldas Exports climbed to the intraday high of Rs 1,055, while Welspun Living tested Rs 175 on the NSE.
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