Mumbai, Aug. 26: US-based retailer Target is reportedly planning to shift its order for bedsheets to Ludhiana-based Trident following an alleged botched job by Welspun.

Shares of Trident today zoomed 12.45 per cent in an otherwise dull market to end at Rs 56 on the BSE. During intra-day trade, the counter hit a 52-week high of Rs 59. The sudden spurt came after Bloomberg reported that Target was planning to shift the order to Trident and has began to sample its products.

Trident, which posted revenues of Rs 3,706 crore, is part of the diversified $1-billion Trident group, which is present in home textiles, yarn, paper & chemicals and energy.

In home textiles, its products include terry towels and bed linen. Some of its brands include Trident Indulgence, Trident Organica, Trident Cuddlies, Trident Bath Buddy and Trident Play.

Some of its existing customers are Walmart, Target, IKEA, Kohl's, JC Penny and Macy's.

During 2015-16, the company had 688 looms for manufacturing terry towels and over 500 looms capable of producing 43.2 million metres annually.

Shares of Welspun India today continued to be dumped by investors. The stock closed at Rs 49.70, a drop of 8.64 per cent, or Rs 4.70, on the BSE. The counter has been on the receiving end since Target said it was terminating its relationship with the company as it substituted premium Egyptian cotton bedsheets with those made from relatively cheaper cotton. Target claimed that it discovered 7,50,000 sheets and pillowcases, which were labelled as Egyptian cotton but were made of different kind of cotton.

In the past five sessions, shares of Welspun India have crashed around 52 per cent, wiping out over Rs 5,300 crore from its market valuation. There are reports that American retail chain Bed Bath & Beyond is conducting a third party audit of items sourced from the company, joining Walmart and JC Penny.

Welspun India has appointed Ernst & Young LLP to review its supply chain systems and processes. Earlier, replying to analyst queries following Target's decision, managing director Rajesh Mandawewala said, "The audit will give us clarity on a number of questions, including where and how the issue occurred and what steps we will need to take to tighten our processes."