Leading retail stocks make gains despite govt move on FDI

Last Updated: Wednesday, December 7, 2011 - 21:42

Mumbai: Shares of some the leading retail companies ended with gains at the BSE on Wednesday despite the government move put its decision to allow FDI in multi-brand retail on the backburner till a consensus is evolved on issue.
Kishore Biyani-led Future group's Pantaloon Retail (India) settled 6.30 percent higher at Rs 198.15 on the BSE.
Similarly, shares of Provogue (India) jumped 6.44 percent to close at Rs 25.60.
Others like Koutons Retail climbed 2.31 percent, and Vishal Retail went up by 0.79 percent.
However, retailers like Trent and Shoppers Stop ended with losses. Tata Group's retail venture Trent shed 1.26 percent and Shoppers Stop tanked 4.26 percent.
The government announced suspension of its decision to allow FDI in retail, bringing Parliament back to business after nine days of logjam.
The breakthrough in the standoff came at an all-party meeting this morning where the government made the offer to put on hold the Cabinet decision to allow 51 percent FDI in multi-brand retail and the Opposition agreed to it.
Disappointed by the government decision to put FDI in multi-brand retail on hold, India Inc today described the move as "highly regressive".
"Postponing the decision of allowing FDI in retail till the total consensus is reached led to last half an hour of selling on the bourses," Bonanza Portfolio Senior Research Analyst Shanu Goel said.
In the broader market, BSE benchmark Sensex ended with a gain of 71.73 points at 16,877.06.


First Published: Wednesday, December 7, 2011 - 21:42

More from zeenews

comments powered by Disqus