Retail shares rally on FDI hopes, Provogue (India) soars 20%

The government plans to give a big push to FDI in multi-brand retail after the presidential polls this month.

Shares of companies engaged in retail business have rallied in late noon trades on reports that the government plans to give a big push to foreign direct investment (FDI) in multi-brand retail after the presidential polls this month.

Pantaloon Retail (India), Shoppers Stop, Provogue (India), Koutons Retail India and CESC have rallied 3-20% on back of huge volumes on the Bombay Stock Exchange.

“After the presidential polls, the government could come out with a formal notification of the cabinet decision taken last year. Commerce minister Anand Sharma, has been pushing the case for 51% FDI in multi-brand retail,” the report suggests.