Market Cap Flip: Trent Outpaces DMart

14 Oct 2024 , 02:07 PM

Trent, owned by the Tata Group, has a market capitalisation of Rs 2.93 lakh crore as of October 14, beating Radhakishan Damani’s Avenue Supermarts, which has a market capitalisation of Rs 2.73 lakh crore based on the latter’s Q2 results.

Trent’s market capitalisation has increased as a result of Noel Tata’s appointment as chairman of Tata Group’s philanthropy arm Tata Trusts, following his half-brother Ratan Tata, who died on Wednesday at the age of 86. He also serves as Trent’s chairperson.

Trent also introduced its own lab-grown diamond (LGD) brand ‘Pome’ at select Westside stores last week, resulting in a 12% increase in stock value in just two days.

Shares of Avenue Supermarts-owned DMart fell 9.3% in an intraday session as the company received many downgrades from various broking companies, with the target price falling to Rs 3,702 as Q2 earnings disappointed the Street.

The company recorded an 8% YoY increase in Q2 profit, which was dragged down by the growing impact of the rapid commerce segment. Profit after tax for the reported quarter declined by more than 12%.

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