Retail stocks were trading lower despite report that government is planning to relax local sourcing norms for single-brand retailers to attract big investments.
Avenue Supermarts is currently trading at Rs. 1383.90, down by 9.10 points or 0.65% from its previous closing of Rs. 1393.00 on the BSE. The scrip opened at Rs. 1399.70 and has touched a high and low of Rs. 1399.70 and Rs. 1380.00 respectively. So far 13780 shares were traded on the counter.
V2 Retail is currently trading at Rs. 267.00, down by 1.05 points or 0.39% from its previous closing of Rs. 268.05 on the BSE. The scrip opened at Rs. 267.00 and has touched a high and low of Rs. 267.00 and Rs. 267.00 respectively. So far 150 shares were traded on the counter.
Future Retail is currently trading at Rs. 440.70, down by 0.55 points or 0.12% from its previous closing of Rs. 441.25 on the BSE. The scrip opened at Rs. 443.00 and has touched a high and low of Rs. 443.95 and Rs. 431.45 respectively. So far 78453 shares were traded on the counter.
In order to attract big foreign players in the single-brand retail sector, the government is considering measures to relax the mandatory 30 per cent local sourcing norms by allowing them more time to comply with the regulations. Big single-brand retail firms may also be permitted to open online stores before setting up brick-and-mortar shops.
