Breaking News : Inside Story of IT Raids Shaking Up Trident Group

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Breaking News: IT Raids at Trident Group

On October 17, news broke out about Income Tax raids being conducted across various locations of Trident Group. The stock reacted to this news, trading 2.42 percent lower on the NSE at Rs 36.25 at 10:44 am. This was a significant shift from its opening at Rs 37.30, which was 0.4 percent higher than the close on October 16.

The Investigation: Unraveling the Details

Searches are reportedly underway at several locations of Trident Group, including Punjab and NCR. According to an ANI report, officials have stated that these raids are part of an investigation into potential financial irregularities. More than 40 officials are currently involved in the raid at the Budhni plant located in Madhya Pradesh. This operation extends to various premises linked to the promoters and top officials of the Trident Group.

Financial Health Check: A Closer Look at the Numbers

Trident Group is yet to announce its Q2FY24 results. However, a look at the Q1FY24 results shows a downward trend. The company reported net sales of Rs 1,493.71 crore, down 11.08 percent from Rs. 1,679.90 crore in June 2022. The quarterly net profit also saw a decrease of 27.79 percent to Rs. 93.40 crore in June 2023 from Rs. 129.35 crore in June 2022.

Global Footprint: Trident’s Worldwide Influence

Despite the current challenges, it’s important to note that Trident Group remains a global conglomerate with a strong presence in home textiles, paper, and chemicals. The company has a significant presence both in India and globally, with exports contributing around 66 percent to their revenue as of June 2023.

The recent developments have put Trident Group under scrutiny. However, it remains to be seen how these investigations will impact the company’s operations and financial performance in the long run.

Stay tuned for more updates on this developing story.

Disclaimer: This blog post is based on information available as of October 17th and may not reflect the most current situation.

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