Pantaloon, Shoppers Stop, Trent rally on FDI buzz

NEW DELHI: Pantaloon Retail India Ltd, Shopper’s Stop, Trent surged in trade on Friday on reports suggesting that the government will finally allow foreign investment in the country's multi-brand retail sector.

A Reuters report quoting trade minister Anand Sharma said, India will act "soon" to open its retail sector to foreign supermarkets, a major economic reform that has been stalled for months by political gridlock in New Delhi.

Asked whether the cabinet would discuss the issue at a meeting on Friday night, Sharma said: "Wait until evening."

“The move would allow global firms such as Wal-Mart Stores to set up shop with a local partner and sell directly to consumers for the first time, a move which supporters say could transform India's $450 billion retail market and tame inflation,” Reuters reported.

Pantaloon Retail India Ltd closed 6.9 per cent higher at Rs 157.60. It has hit an intraday low of Rs 149.20 and a high of Rs 163.70.

Shoppers Stop ended 2.78 per cent higher at Rs 360.40. It has hit an intraday low of Rs 352.20 and a high of Rs 373.20.

Trent Ltd closed 2.3 per cent higher at Rs 1075. It has hit an intraday low of Rs 1045.65 and a high of Rs 1115.