India’s retail stocks open strong after foreign equity nod
November 25th, 2011 - 11:19 am ICT by IANSNew Delhi, Nov 25 (IANS) Retail stocks in India opened on a strong note Friday on the back of the decision the previous evening to open up the sector further with up to 51 percent foreign equity in multi-brand format and 100 percent in single brand stores.
Within minutes of opening bell at the Bombay Stock Exchange, the shares of Pantaloon Retail was trading at Rs.222.55 with a gain of as much as 10.95 percent, while that of Vishal Retail was quoting at Rs.20.75 with a gain of 10.08 percent.
Analysts said the move to allow foreign equity will bring much cheer to Indian firms in the sector, which are heavily in debt, preventing any meaningful inflow of capital for expansion.
India’s federal cabinet had Thursday allowed global chains like Wal-Mart, Carrefour and 7-Eleven to bring up to 51 percent foreign equity to open multi-brand retail stores and allowed 100-percent equity in single brand format.
Shoppers Stop stocks were also up 7.74 percent at Rs.401.05, and those of Koutons were higher by 8.76 percent at Rs.23.60.
Shares of Provogue, Store One Retail, Archies and Cantabil were also trading higher over the previous day’s close, though the Fame India stock was down.
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- French retailer Carrefour opens first wholesale store in India - Dec 30, 2010
- Finance ministry okays FDI in multi-brand retail - Nov 17, 2011
- Odisha wants rollback of FDI decision - Nov 28, 2011
- Top retailers seek 51 percent FDI in multi-brand retail - Aug 12, 2010
- Shopkeepers protest but shoppers don't mind foreign retailers (Afternoon Lead) - Dec 01, 2011
- India opens doors to global retail chains (Roundup) - Nov 24, 2011
- Comments from India Inc. on foreign equity in retail trade - Nov 25, 2011
- 'Big-ticket reforms can alter perception of policy paralysis' - Nov 20, 2011
- Fact sheet on India's retail trade industry - Nov 24, 2011
- FDI in retail not to hurt kirana stores: Virbhadra Singh - Dec 02, 2011
- Battle ahead for government in allowing foreign retailers - Aug 29, 2010
- 'Efforts on to allow FDI in multi-brand retail' - Mar 16, 2012
- Recall of retail FDI regressive, disappointing: India Inc (Roundup) - Dec 07, 2011
- 'FDI will help modernise retail sector, curb inflation' - Jul 23, 2011
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