Curated By: Business Desk
Last Updated: November 09, 2023, 20:43 IST
Trent Ltd is under radar as the brokerages remain bullish on this Tata Group stock after strong Q2 results. The multibagger stock extended its rally for the fifth consecutive day to close in green at Rs 2,477.40 apiece, up 1.01%, on BSE on Thursday.
The retail business arm of the Tata Group has delivered a staggering return of close to 25,000% over the past 24 years. It was trading at Rs 9.87 during its launch on January 1, 1999, and on Thursday, November 9, 2023, it touched the session’s high of Rs 2,485.
Shares of Trent Ltd surged over 8% to hit an all-time high of Rs 2,504.95 per share on BSE on Wednesday after the company reported strong Q2 results.
Notably, the stock has gained 64.99% in a year and has multiplied investors’ money by over 6 times in the last 5 years.
Brokerages remain bullish on Trent
Several brokerage houses turned bullish on Trent recently. Domestic brokerage Centrum Broking has maintained a ‘Buy’ rating on Trent, increasing its price target to Rs 2,657 per share.
Another brokerage, Systematix Institutional Equities, also maintained a ‘Buy’ rating and set a new target price of Rs 2,750. Motilal Oswal and Kotak Institutional Equities have also given positive recommendations on the stock. Motilal Oswal raised the price target for the stock and set it at Rs 2,750 per share while Kotak Institutional Equities recommented a target price of Rs 2,700 per piece.
Trent Q2 Results
Trent, in its quarterly results released on November 7, reported strong growth in revenue and net profit. Trent’s consolidated revenue went up 52.73% to Rs 2,982 crore, and net profit shot up by a whopping 189% year-on-year to Rs 228 crore in September quarter of FY24 compared to the year-ago period. On the other hand, the company’s revenue increased by 13.47% quarter-on-quarter, and net profit went up by 35.31%.