Indian retailer Trent posts two-fold rise in profit, shares hit record high

Indian retailer Trent reported a two-fold jump in first-quarter profit on Friday, boosted by demand at its cheaper Zudio outlets, which cater to budget-conscious consumers. The retailer's shares jumped 10% to a record high after the results. The Tata Group-owned company's consolidated net profit rose to 3.93 billion rupees ($47 million) for the quarter ended June 30, from 1.74 billion rupees a year earlier.