Trident, Welspun Living, other textile stocks jump up to 10% amid financial woes in Bangladesh's garment group
textile stocks on Monday which shot up 14% in the intraday trade. The stocks rose on expectations of manufacturing orders shifting to India. The eastern neighbour’s fallout with Punjab-based Trident took the lead.
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.
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