Trent lost 1.54% to Rs 1163 at 12:40 IST on BSE, with the stock sliding on profit booking after Wednesday's 10.74% rally triggered by the firm's announcement that it is in discussions with Tesco regarding an investment by Tesco in Trent Hypermarket.
Meanwhile, the S&P BSE Sensex was down 118.66 points or 0.57% at 20,741.20.
On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 4,955 shares in the past one quarter.
The stock hit a high of Rs 1,199 and a low of Rs 1,157.50 so far during the day. The stock had hit a record high of Rs 1,345 on 14 January 2013. The stock had hit a 52-week low of Rs 902 on 1 November 2013.
The stock had outperformed the market over the past one month till 18 December 2013, advancing 28.64% compared with the Sensex's 0.04% rise. The scrip had also outperformed the market in past one quarter, jumping 25.98% as against Sensex's 4.5% rise.
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The mid-cap company has equity capital of Rs 33.23 crore. Face value per share is Rs 10.
Shares of Trent had rallied 10.74% to settle at Rs 1,181.15 on Wednesday, 18 December 2013, after the company after market hours on Tuesday, 17 December 2013, said that the company is in discussions with British retailer Tesco regarding an investment by Tesco in Trent Hypermarket (THL) which operates the Star Bazaar retail business and is engaged in multi-brand retail trading.
Tesco is making an application to the Foreign Investment Promotion Board. If the application is successful, the intent would be to enter into a partnership where Trent and Tesco will each own a 50% stake in THL.
THL currently operates 16 stores across the Southern and Western regions of India. The proposed partnership will operate and build on the existing portfolio of Star Bazaar stores in Maharashtra and Karnataka. The application envisages a minimum foreign direct investment in line with the applicable multi brand retail trading policy, Trent said.
Trent's net profit rose 73.3% to Rs 15.60 crore on 24.9% growth in net sales to Rs 267.10 crore in Q2 September 2013 over Q2 September 2012.
Trent, a part of Tata Group, is engaged in operating retail chains in India.
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