Retail shares gain as FDI gets Lok Sabha nod
Shoppers Stop, Pantaloon Retail, Trent Limited and CESC are up 2-6% on the BSE.
Shares of companies engaged in retail business are trading higher by up to 6% in opening trades, extending their yesterday’s late noon rally after the government won the Lok Sabha vote on allowing foreign direct investment (FDI) in multi-brand retail.
The opening of FDI in multi-brand retail will enable company’s access to the much-needed funds for growth; it will also provide access to technology and help strengthen their back-end infrastructure, according to analyst.
Among the individual stocks, Shoppers Stop and Pantaloon Retail (India) has surged 6% each at Rs 499 and Rs 252 respectively. Trent Limited, a Tata Group Company, is trading higher by 4% to Rs 1,320, followed by CESC is up 2% at Rs 326 on the BSE.