Trent jumps after announcing 10 for 1 stock split

Trent jumped 7.35% to Rs 1,801.15 at 12:45 IST on BSE after the board of directors of the company at a meeting held today, 28 June 2016 approved 10 for 1 stock split.

The announcement was made during market hours today, 28 June 2016.

Meanwhile, the S&P BSE Sensex was up 86.99 points or 0.33% at 26,489.95.

High volumes were witnessed on the counter. On BSE, so far 16,765 shares were traded in the counter as against average daily volume of 8,829 shares in the past one quarter. The stock hit high of Rs 1,842.20 and low of Rs 1,690 so far during the day. The stock had hit a record high of Rs 1,856 on 25 May 2016. The stock had hit a 52-week low of Rs 1,116.95 on 29 June 2015. The stock had underperformed the market over the past one month till 27 June 2016, falling 5.37% compared with 0.94% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 7.33% as against Sensex's 4.2% rise.

The mid-cap company has equity capital of Rs 33.23 crore. Face value per share is Rs 10.

Trent said that the board of directors also approved an enabling resolution for raising of funds by issue of non-convertible debentures (NCDs) on a private placement basis upto an amount not exceeding Rs 300 crore. The stock split and issue of NCDs are subject to the approval of shareholders.

Trent's net profit rose 48.6% to Rs 17.02 crore on 14.9% growth in net sales to Rs 369.94 crore in Q4 March 2016 over Q4 March 2015.

Trent, a retail arm of the Tata group, operates retail chain Westside and bookstore chain Landmark in various locations of India. Trent also operates the hypermarket Star Bazaar in 8 Indian cities.

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