Shares of companies in the retailing sector have rallied at the bourses in morning trades on hopes that the government may soon notify 100% foreign direct investment (FDI) in multi-brand retail business.
Tata Group’s Trent has surged 11% to Rs 1,067, while Shoppers Stop rallied 10.5% to Rs 390, Provouge (India) surged 10% at Rs 19.70 and Kishore Biyani-led Future group's Pantaloon Retail (India) up 5% at Rs 200 on the Bombay Stock Exchange.
“The government is likely to revive an order allowing foreign investors to own majority stakes in Indian supermarkets and department stores after the election of a new President later this month,” reports suggest.
The Cabinet had allowed foreign investors to own 51% in Indian supermarkets last November, but had to keep the move in abeyance after protests from its ally, Mamata Banerjee-led Trinamool Congress, and some Opposition parties, reports add.
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