By Aditya Raghunath
Investing.com — Shares of Trent Ltd (NS:), the retail arm of the Tata group, are on a roll in February. The stock has gained over 31% this month as it moved from its closing price of Rs 621.55 on January 29 to Rs 815.75 on February 22.
Customers are shopping again after lockdown restrictions were lifted in the third quarter of FY21. For the quarter ended December 2020, the company’s consolidated net profit increased 30.2% to Rs 64.03 crore and net sales were up 13.6% to Rs 853.63 crore.
The company’s online channels registered a growth of 80% in the quarter. Trent has also said that sales for January 2021 were consistent with the levels seen in the corresponding period of 2020.
In its recommendation list on February 26, ICICI Securities Ltd (NS:) had recommended a buy on Trent with a target of Rs 770. The stock was trading at Rs 715 then and has breezed past the target with ease. The stock has gained almost 9% since February 16 even as the broader stock markets have been in a bear grip. Today, on a day when the lost 2.04%, Trent stock ended up 2.74%.
Trent runs the Westside chain of clothing, accessories, and home décor stores in India. Trent Hypermarket operates in the grocery space under the Star brand while Landmark Stores is a family entertainment format store by Trent.