Damani currently holds 12 stocks in his Rs 2 lakh crore worth portfolio, with a lion’s share accounted for DMart (Rs 195,717 crore) according to Trendlyne data.
Trent
Trent shares, which once scaled an all-time high of Rs 8,345, have now cratered 36% to close at Rs 6,154 on the NSE. For Damani, who holds a significant 1.27% stake (45,07,407 shares) in Trent through his investment vehicle Derive Trading and Resorts Private Limited, the meltdown translates into a staggering erosion in market value, with his holding now worth Rs 2,771.6 crore, as per Trendlyne data.
Sudeep Shah, Deputy Vice President & Head of Technical and Derivative Research at SBI Securities, believes Tent looks good for a target of Rs 7,000. In his view a breakout above Rs 5,955 has made it a rally candidate going ahead.
Trent looks strong for short to medium term upside of 6,200/6400, support is at 5,650, Nilesh Jain, Head Vice President, Equity Research Technical and Derivatives at Centrum Broking said. It can be added on declines, he opines.
From a fundamental standpoint, HDFC Securities has a ‘Sell’ view on Trent shares. While Trent remains a stellar business, the ask from the business is too high (from a valuation stencil), noted this brokerage. “Westside seems to be showing signs of customer fatigue, while Zudio seems to be peaking in terms of unit economics. We build in 23% revenue and PBT CAGR over FY25-27 (8-10% lower than consensus). We maintain SELL on Trent with an SOTP-based TP of INR4,300/share (including 60X adjusted P/E for the standalone operations).
VST Industries
Meanwhile, VST Industries, another pillar in Damani’s portfolio, has fared even worse. The stock is down a jaw-dropping 57% from its 52-week high of Rs 486.15, trading around Rs 314. Its recent rally has helped the stock cross the upper target of Rs 300 predicted by Shah. VST shares have surged 11%, remaining unbeaten in the last 6 session.
Market expert Shah had earlier flagged VST’s lackluster momentum, warning that failure to decisively break the Rs 295-300 resistance could trap it in a sideways drift.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Eco)
