Welspun's loss becomes Trident gain

‘One man’s trash another man’s treasure' is an idiom that somewhat resembles the situation in which Trident is right know sailing. The BSE 500 stock on Aug 26 has emerged as the top gainer on the bourses surging by more than 10 per cent. According to some media houses, Target Corp which broke all the ties with Welspun will likely now engage with Trident to supply cotton bed sheets.

Shares of Trident on Aug 26 closed at Rs 56, up by 12.45 per cent. In the last 5 days, shares of the company have surged by 19 per cent.On the other hand, Welspun India has caught itself on the lower circuit once again. Shares of Welspun on Aug 26, depleted by more than 8 per cent, closing at a price of 49.70, in the last 4 days. Shares have plunged by 47 per cent.

Target Corp, was the second largest customer of Welspun and one of the world's biggest textile manufacturers. According to the company Welspun was supplying phony Egyptian cotton sheets. It was discovered in July that some 750000 sheets and pillow cases have been mislabelled as Egyptian cotton quality. Meanwhile, the bourses have asked for clarification from Trident on the same about any deal development.