Trent Shares Hit Record High After Q1 Profit Surges 45%

Shares of Trent Ltd. rose to an all-time high on Thursday after its profit surged 45% in the first quarter, leading Jefferies to raise its earnings estimates and price target.

Shares of Trent Ltd. rose 5.96%, before paring gains to trade 5.16% higher at 11:59 a.m., compared to a 0.31% fall in the NSE Nifty 50. The stock price hit an all-time high at Rs 1894.4 per share, intraday.

The average traded volume so far in the day stood at 5.32 times its monthly average. The relative strength index was at 75, indicating the stock may be overbought.

Of the 20 analysts tracking the company, 13 maintain a 'buy' rating, three suggest a 'hold', and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.2%.