Trent hits record high; rises 12% in five days

Trent added 1.12% to Rs 1305, extending its winning run to fifth consecutive trading session.

Shares of the Tata Group company have surged 12.5% in five trading sessions from its previous closing low of Rs 1159.85 posted on 15 March 2022. The counter hit a record high of Rs 1,315.10 in intraday today. The stock has zoomed nearly 89.3% from its 52-week low of Rs 689.15 recorded on 12 April 2021.

On the BSE, 61,015 shares were traded in the counter so far compared with average daily volumes of 50,867 shares in the past two weeks.

In last one month, the stock has moved nearly 23.8% higher outperforming the Nifty 50 index which rose 1.15% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 75.271. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1111.75 and 1087.22 respectively. These levels will act as crucial support zones in near term.

Trent operates Westside, one of India's leading chains of fashion retail stores, Trent Hypermarket which operates in the competitive food, grocery and daily needs segment under the Star banner and Landmark Stores. The company reported a 77.7% increase in consolidated net profit to Rs 113.78 crore on a 75.6% increase in revenue from operations to Rs 1,499 crore in Q3 FY22 over Q3 FY21.

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