Trent has rallied 14% to Rs 1,210 in early morning deals on the NSE after the Tata-owned company said Tesco Plc, UK's largest retailer, plans to acquire a 50% stake in Trent Hypermarkets for $110 million.
The stock opened at Rs 1,133 and touched a high of Rs 1,215 on the NSE. Till 0930 hours, a combined around 178,000 shares have changed hands on the counter on the NSE and BSE.
Trent and Tesco have been in discussion regarding an investment by Tesco in Trent Hypermarket (THL) which operates the Star Bazaar business and is engaged in multi brand retail trading, Trent said in a BSE filing.
In this context, Tesco is making an application to Foreign Investment Promotion Board (FIPB). If the application is successful, the intent would be to enter into a partnership where Trent and Tesco will own a 50% stake in THL, it added.
The stock opened at Rs 1,133 and touched a high of Rs 1,215 on the NSE. Till 0930 hours, a combined around 178,000 shares have changed hands on the counter on the NSE and BSE.
Trent and Tesco have been in discussion regarding an investment by Tesco in Trent Hypermarket (THL) which operates the Star Bazaar business and is engaged in multi brand retail trading, Trent said in a BSE filing.
In this context, Tesco is making an application to Foreign Investment Promotion Board (FIPB). If the application is successful, the intent would be to enter into a partnership where Trent and Tesco will own a 50% stake in THL, it added.
