Pantaloon Retail gains 3% on hopes of retail FDI post polls

Pantaloon Retail (India) is trading higher by 3% to Rs 144 in an otherwise extremely weak market on reports that the government would explore the possibility of implementing the decision on foreign direct investment (FDI) in multi-brand retail through consultations with political parties after completion of Assembly elections in five states next year.

“The government would “explore the possibilities" of implementing the FDI-in-retail decision through talks with political parties after the completion of assembly elections in five states, expected early next year," the PTI reports suggests, quoting Prime Minister Manmohan Singh.

The stock opened at Rs 138 and hit a high of Rs 146 on the Bombay Stock Exchange (BSE). A combined 250,000 shares have changed hands on the counter so far on the BSE and NSE.