Shares of Tata Group retailer Trent Ltd. fell over 2% in early trade on Wednesday ahead of its first quarter earnings, extending a weak run that began after the company released its first-quarter business update on July 6.
The stock was trading around Rs 3,063 after closing at Rs 3,129 in the previous session. Over the past month, Trent has declined more than 8%, giving up much of the momentum it had built earlier this year.
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The weakness follows a softer-than-expected business update. Trent reported a 19% year-on-year rise in standalone revenue to Rs 5,666 crore for the June quarter, missing Street estimates and marking the fifth consecutive quarter in which revenue growth remained below 20%.
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Brokerages had also turned cautious after the update. Macquarie retained its Outperform rating with a target price of Rs 3,600, but said same-store sales growth moderated and softer revenue growth could weigh on near-term performance. Morgan Stanley maintained an Overweight rating with a target price of Rs 3,151, expecting margins to improve but warning the stock could remain under pressure after the weaker sales print.
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