Retail stocks up 8% on FDI hope
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Retail stocks, including Pantaloon Retail, Provogue India and Koutons Retail, rose 2-8 per cent on hopes the government will soon implement the decision to allow Foreign Direct Investment (FDI) in multi-brand retail sector. Shares of Future Group firm Pantaloon Retail jumped 6.92 per cent to settle at Rs 157.60, while Provogue India climbed 6.58 per cent to Rs 16.04 on the BSE.
Among others, Brandhouse Retails soared 7.99 per cent, Koutons Retail India gained 4.93 per cent, Shoppers Stop (2.78 per cent) and Tata Group retail firm Trent (2.29 per cent) also notched up smart gains.
"Buying activity picked up in retail stocks on back of hopes of the FDI decision," Inventure Growth & Securities Chairman & MD Nagji K Rita said.
The government had last year allowed 51 per cent FDI in multi-brand retail, but the same could not be implemented in the face of strong opposition from UPA allies, including Trinamool Congress.
Analysts also said a robust stock market rally pushed these stocks higher. The BSE benchmark Sensex ended 443.11 points higher at 18,464.27, a 14-month high on closing basis.
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