Trent peaks on sales expectations

DALAL STREET SPIKES

Mid-cap retail company Trent hit the 20 per cent upper circuit on the Bombay Stock Exchange (BSE) on Tuesday on hopes of good sales figures.

The stock closed at the upper circuit limit of Rs 476.15, with volume accounting for more than 2.29 lakh shares on the BSE.

Market analysts said the counter is witnessing renewed buying on hopes of strong festive season sales.

Also, reports that the company may consider a bonus issue has resulted in a sharp spurt in the stock price, said a dealer with a domestic broking firm.

Trent has been in the limelight of late. From a low of Rs 351.60 on November 5, 2004, the stock has risen 35.6 per cent in the last six trading sessions to Tuesday's close of Rs 476.15.

Analysts said textile sector stocks are attracting renewed buying from foreign funds ahead of the end of the quota regime in 2005.