Trent shares touch all-time high on Reliance Cap deal

Tata group company Trent today jumped over 8 per cent to hit an all-time high on the Bombay Stock Exchange, after Anil Ambani-promoted Reliance Capital Trustee bought 8.68 per cent stake in the retail major for Rs 21.2 crore.

The scrip opened on a strong note and later touched an all-time high of Rs 1,160, up over 8 per cent compared to the previous close.

Shares of the Noel Tata-led company closed 5.50 per cent higher at Rs 1,131.05 on BSE.

Reliance Capital Trustee purchased 3,86,582 shares through a rights subscription on August 31.

The shares of the company were bought by Reliance Capital Asset Management through various mutual fund series, including Reliance Equity Linked Saving Fund Series-I, Reliance Dual Advantage Fixed Tenure, Reliance Equity Opportunities Fund and Reliance Tax Saver Elss Fund.

"Retail is a growing area in India and the investment is positive. Trent is a reasonably priced company, compared to other big retailers," Anand Rathi Financial Services Senior Vice-President Retail D D Sharma said.

Witnessing a similar performance on the National Stock Exchange, the scrip settled at Rs 1,140, up 6.23 per cent from previous close.

In terms of volume, over 5.2 lakh shares of the company changed hands on both the bourses.

Meanwhile, Reliance Capital saw a jump of 0.99 per cent on BSE, to close the trade at Rs 783.

In a range bound trade, the BSE benchmark Sensex closed the day lower by 16.88 points at 18,221.43.