Trident shares rose 4% higher on Friday after the company said it had received a patent for 'terry fabric weave and resulting terry fabric' from the European Patent Office.
Following the news, Trident stock opened with a gain at Rs 14.50 and later touched an intraday high of Rs 14.95, rising 3.9% on BSE against the last close of Rs 14.38, also its intraday low.
Trident share price stands higher than 5, 20, 50, 100 and 200-day moving averages. Trident stock price has risen 2.65% in the last 2 days of consecutive gains.
Stock price of Trident has risen 0.35% in one week, 49% in one month, 48% year-to-date.
Market capitalisation of Trident stood at Rs 44,347.18 crore today. The stock has hit a 52 week high of Rs 8.45 on December 16, 2019, and a 52-week low of Rs 5.22 July 22, 2019. Trident stock, with Rs 1 face value has risen 93% in one year.
"The present invention comprises a method of producing fabric by subjecting the fabric to a special treatment, thereby obtaining increased air space in the resultant fabric. This will help the company to deliver its special soft towels without the usage of any chemical-based fibers enabling it to save the environment and at the same time to deliver its soft luxury towels in European Market," the company said in its press release.
The grant of this patent provides further recognition of the quality of the innovation being carried out by Trident, it added.