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HindustanTimes Tue,02 Sep 2014

Retail stocks surge on FDI hopes

HT Correspondent, Hindustan Times   Mumbai , July 05, 2012
First Published: 15:04 IST(5/7/2012) | Last Updated: 22:07 IST(5/7/2012)

Shares of retail companies rallied on Thursday amidst reports that the government plans to allow foreign direct investment in multi-brand retail sector, paving the way for retail majors such as Wall Mart and Carrefour to enter India in a bigger way.

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The government currently  allows 100% FDI in wholesale and single-brand retailing.

Shares of Future Group’s Pantaloon jumped by 3.4% to Rs. 197, while Koutons’ shares gained 18.3% to R11. Other retail major including Provogue and Shopper’s stop saw their share prices jump by 9.8% and 9.3% respectively.

The government, however, said that it will take a decision at the right time. “There is always a right time to take these kind of decisions and the government is seized of this issue,” said R Gopalan, economic affairs secretary. “I think, it is too early for me to say, when the decision will be announced.”


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