Retail stocks trade jubilantly on FDI hopes

Shares of companies in the retail sector have rallied on the bourses in morning trades on report that the government will notify 100% foreign direct investment (FDI) in multi-brand retail business. 

The government is likely to revive an order allowing foreign investors to own majority stakes in Indian supermarkets and department stores after the presidential elections later this month.

Shoppers Stop is currently trading at Rs. 382.55, up by 30.50 points or 8.66% from its previous closing of Rs. 352.05 on the BSE. The scrip opened at Rs. 365.00 and has touched a high and low of Rs. 392.00 and Rs. 362.75 respectively. So far 58509 shares were traded on the counter.

Trent is currently trading at Rs. 1042.95, up by 85.35 points or 8.91% from its previous closing of Rs. 957.60 on the BSE. The scrip opened at Rs. 975.00 and has touched a high and low of Rs. 1066.80 and Rs. 970.00 respectively. So far 37705 shares were traded on the counter.

Pantaloon Retail (India) is currently trading at Rs. 199.15, up by 8.30 points or 4.35% from its previous closing of Rs. 190.85 on the BSE. The scrip opened at Rs. 195.25 and has touched a high and low of Rs. 203.20 and Rs. 195.25 respectively. So far 1124600 shares were traded on the counter.