Multibagger Tata Group stock trading at record high; can it cross Rs 1,800 mark?
Trent shares hit an intraday high of Rs 1616.30 against the previous close of Rs 1601.95 on BSE. Market cap of the firm rose to Rs 57,430 crore on BSE.
- Jun 8, 2023,
- Updated Jun 8, 2023 2:51 PM IST
Shares of multibagger Trent Ltd are trading at their record high amid a rally in the broader market. Trent shares rose to Rs 1618.95, a record high, in the previous session on BSE. In today’s session, the stock hit an intraday high of Rs 1616.30 against the previous close of Rs 1601.95 on BSE. The stock has climbed 185.57% in the last three years and gained 405% in five years. In a year, the Tata Group stock has climbed 48%.
In early deals today, total 1451 shares of the firm changed hands amounting to a turnover of Rs 23.40 lakh on BSE. Market cap of the firm rose to Rs 57,430 crore on BSE. The Tata Group’s multibagger stock hit a 52-week low of Rs 1009 on June 22, 2022.
In terms of technicals, the relative strength index (RSI) of the stock stands at 83.4, signaling it's trading in the overbought zone. Trent shares have a beta of 1.1, indicating high volatility in a year. Trent stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The firm reported a 64.26% rise in sales to Rs 2182 crore in the March 2023 quarter against Rs 1328.86 crore in the March 2022 quarter. Net profit zoomed to Rs 54.16 crore in Q4 against Rs 0.16 crore in the March 2022 quarter. EBITDA rose 50.80% to Rs 203.02 crore in Q4 against Rs 134.63 crore in the March quarter of 2022.
Abhijeet from Tips2trades said, " Trent stock price is very overbought on the daily charts with next resistance at Rs 1615. Investors should book profits at current levels as a fall till support of Rs 1340 looks likely in the coming weeks."
Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One said, "Trent has been in a stellar bull run and is comfortably placed near its 52-week highs. On the technical front, the stock is placed above all its EMAs on the daily time frame adding to the bullish quotient. As far as levels are concerned, Rs 1550-1540 is likely to act as immediate support, followed by the Rs 1500-1490 zone. At the same time, sustenance above the mentioned support could augur well for the stock to continue its northward journey in uncharted territory."
Motilal Oswal has maintained its buy call on the Trent stock with a target of Rs 1,835.
“At 29.9x EV/EBITDA and P/E of 54.5x on FY25E consolidated basis, the valuation is rich, but the high multiple is justified by strong growth. Star's improving store metrics offer a further opportunity. We assign 30 times EV/EBITDA to the standalone business (Westside and Zudio;), 1x EV/sales to Star Bazaar, and 15x EV/EBITDA to Zara to arrive at our TP of Rs 1,835. We reiterate our BUY rating on the stock,” said the brokerage.
Gaurav Bissa, VP, InCred Equities said, "Trent has been in a strong uptrend on the weekly charts with formation of higher highs and higher lows. The stock has bounced sharply from ichimoku cloud support area on the weekly charts. The stock has made a fresh swing high and a weekly close above Rs 1570 can trigger a swing break for a target of Rs 1750. The stock is witnessing fresh breakout in RSI on the weekly charts which once confirmed can give a strong push the stock price."
On an annual basis, net profit zoomed 320% to Rs 444.69 crore for the fiscal ended March 2023 against Rs 105.83 crore for the fiscal ended March 2022. Sales climbed 83.24% to Rs 8242 crore in the March 2023 fiscal against Rs 4498 crore for the fiscal ended March 2022.
Shares of multibagger Trent Ltd are trading at their record high amid a rally in the broader market. Trent shares rose to Rs 1618.95, a record high, in the previous session on BSE. In today’s session, the stock hit an intraday high of Rs 1616.30 against the previous close of Rs 1601.95 on BSE. The stock has climbed 185.57% in the last three years and gained 405% in five years. In a year, the Tata Group stock has climbed 48%.
In early deals today, total 1451 shares of the firm changed hands amounting to a turnover of Rs 23.40 lakh on BSE. Market cap of the firm rose to Rs 57,430 crore on BSE. The Tata Group’s multibagger stock hit a 52-week low of Rs 1009 on June 22, 2022.
In terms of technicals, the relative strength index (RSI) of the stock stands at 83.4, signaling it's trading in the overbought zone. Trent shares have a beta of 1.1, indicating high volatility in a year. Trent stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The firm reported a 64.26% rise in sales to Rs 2182 crore in the March 2023 quarter against Rs 1328.86 crore in the March 2022 quarter. Net profit zoomed to Rs 54.16 crore in Q4 against Rs 0.16 crore in the March 2022 quarter. EBITDA rose 50.80% to Rs 203.02 crore in Q4 against Rs 134.63 crore in the March quarter of 2022.
Abhijeet from Tips2trades said, " Trent stock price is very overbought on the daily charts with next resistance at Rs 1615. Investors should book profits at current levels as a fall till support of Rs 1340 looks likely in the coming weeks."
Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One said, "Trent has been in a stellar bull run and is comfortably placed near its 52-week highs. On the technical front, the stock is placed above all its EMAs on the daily time frame adding to the bullish quotient. As far as levels are concerned, Rs 1550-1540 is likely to act as immediate support, followed by the Rs 1500-1490 zone. At the same time, sustenance above the mentioned support could augur well for the stock to continue its northward journey in uncharted territory."
Motilal Oswal has maintained its buy call on the Trent stock with a target of Rs 1,835.
“At 29.9x EV/EBITDA and P/E of 54.5x on FY25E consolidated basis, the valuation is rich, but the high multiple is justified by strong growth. Star's improving store metrics offer a further opportunity. We assign 30 times EV/EBITDA to the standalone business (Westside and Zudio;), 1x EV/sales to Star Bazaar, and 15x EV/EBITDA to Zara to arrive at our TP of Rs 1,835. We reiterate our BUY rating on the stock,” said the brokerage.
Gaurav Bissa, VP, InCred Equities said, "Trent has been in a strong uptrend on the weekly charts with formation of higher highs and higher lows. The stock has bounced sharply from ichimoku cloud support area on the weekly charts. The stock has made a fresh swing high and a weekly close above Rs 1570 can trigger a swing break for a target of Rs 1750. The stock is witnessing fresh breakout in RSI on the weekly charts which once confirmed can give a strong push the stock price."
On an annual basis, net profit zoomed 320% to Rs 444.69 crore for the fiscal ended March 2023 against Rs 105.83 crore for the fiscal ended March 2022. Sales climbed 83.24% to Rs 8242 crore in the March 2023 fiscal against Rs 4498 crore for the fiscal ended March 2022.