Pantaloon Retail recovers on buzz of Mitsubishi eyes stake in Big Bazaar

Pantaloon Retail (India) has rallied 10% to Rs 153 on reports that Mitsubishi Corporation the Japanese giant propose to buy stake in Big Bazaar, Future Group’s flagship retail business

“The $69.2-billion Japanese trading powerhouse had made it a pre-condition to invest in Future Group’s food sourcing and back-end infrastructure,” the report suggests.

As many as a combined 10.61 million shares have already changed hands on the counter so far, against an average 5 million shares that were traded daily in past two weeks on the NSE and BSE.