Shares of Trent Ltd rose 7% in early deals on Tuesday after international brokerage Morgan Stanley maintained its 'overweight' call on the Tata Group's subsidiary. Trent shares gained 6.78% to a record high of Rs 7,955 in early deals today.
It has seen low volatility in the last one year with its beta at 0.8. Total 0.
24 lakh shares of the firm changed hands amounting to a turnover of Rs 18.40 crore on BSE. Market cap of the firm stood at Rs 2.
80 lakh crore on BSE. The Tata Group's multibagger stock hit a 52-week low of Rs 1946.5 on October 26, 2023.
The multibagger stock is neither overbought nor oversold on charts as the relative strength index (RSI) of the stock stands at 56.5. Shares of Trent are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages which means they are trading in bullish zone in both long and short terms.
The rally in the stock also comes amid reports that it launched a new standalone store format, Zudio Beauty, marking its entry into the mass-priced beauty segment. This launch places Zudio Beauty in direct competition with established players such as Hindustan Unilever's Elle18, Sugar Cosmetics, Health & Glow and Colorbar. The new launch has strengthened the brokerage's conviction.
Meanwhile, Morgan Stanley has a price target of Rs 8,032 per share on Trent. The BPC sales contribution was already quite material in Westside and Zudio stores. Zudio's BPC business had built scale over time, as customers h.