Trident Shares Surge 14% To Nearly Two-Year High After Large Trade

Shares of Trident Ltd. surged over 14% on Monday to the highest in nearly two years after a large trade.

At least 13.1 lakh shares of the textile maker, or 0.03% equity, changed hands in a pre-market large trade, according to Bloomberg data. The buyers and sellers were not known immediately.

On the NSE, shares of Trident rose as much as 14.67% during the day to Rs 46.90 apiece. The stock was trading 14.06% higher at Rs 46.65 apiece, compared to 0.39% decline in Nifty 50 as of 11:00 a.m.

The total traded volume so far in the day stood at 39 times its 30-day average. The relative strength index was at 84, indicating that stock may be overbought.

Both the analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 14%.