Trent, Pantaloon, Shoppers Stop soar on FDI in multi-brand retail hopes
If you missed our coverage, here are the top 10 stories of the day.
Retail stocks traded with strong gains on reports that the government may allow foreign direct investment in multi-brand retail stores post the Presidential elections.
Shares in Koutons Retail traded with over 13 per cent gains at Rs 10.10 on the BSE, while Tata Group retail arm Trent jumped 10.5 per cent to Rs 1,056.90. Shoppers Stop, Provogue India, and Pantaloon Retail gained 6-9 per cent in a flat Mumbai market Thursday.
A Cabinet decision to allow foreign investors to own 51 per cent in Indian supermarkets in November 2011 was held back after protests from some allies and opposition parties. The government went ahead with allowing foreign investment in single-brand retail to 100 per cent from the earlier 51 per cent.
Commerce and Industry Minister Anand Sharma has been in touch with various state governments, seeking their support on the politically sensitive issue of allowing foreign investment in multi-brand retail.
In February, Sharma had assured global CEOs that India's reforms agenda was well on course and the decision to put on hold FDI in multi-brand retail was "just a pause", forced by compulsions of coalition politics.