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Retail shares gain on Cabinet nod for 100% FDI in single brand retail

Monte Carlo Fashions, Future Consumer, Indian Terrain Fashions, Zodiac Clothing Company, V-Mart Retail and Future Market Networks were up in the range of 4% to 9% on BSE

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The Cabinet had last month approved the abolition of FIPB, which was the authority clearing foreign direct investment (FDI) proposals for 25 years

SI Reporter Mumbai

Last Updated : Jan 10 2018 | 1:38 PM IST

Shares of retail companies have rallied by up to 8% after the media report suggested that the Cabinet cleared 100% foreign direct investment (FDI) through automatic route in single brand retail trading.

Monte Carlo Fashions, Future Consumer, Indian Terrain Fashions, Zodiac Clothing Company, V-Mart Retail and Future Market Networks were up in the range of 4% to 9% on BSE. The S&P BSE Sensex was trading 0.22% lower at 34,367 points at 01:38 PM.

The Cabinet has also approved some changes to FDI in the aviation sector, according to TV reports. FDI norms have also been liberalised for power exchanges and real estate broking, the reports said quoting sources. CLICK HERE TO READ FULL REPORT.