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Money Dec 6, 2012

Retail stocks up over 10% after UPA’s FDI win in Lok Sabha

Mumbai: Retail stocks today rose by up to over 10 percent after the government got approval of Lok Sabha for FDI in retail.

Cheering the move, shares of Provogue India gained 10.11 percent to Rs 19, while Shoppers Stop soared by 6.11 percent to Rs 492 on the BSE.

The Rajya Sabha will also take up the discussion under a rule that entails voting. Reuters

Among others, Koutons Retail India jumped 4.94 percent to touch an upper circuit limit of Rs 9.98, while Trent, promoted by the Tata group, gained 3.94 percent. Pantaloon Retail climbed 5.94 percent.

However, most of these stocks pared some of their initial gains in an overall weak stock market where the benchmark Sensex was trading at 19,219.53, down 172.33 points at 11 13 hrs.

The government yesterday shook off the Opposition challenge on the FDI in retail issue by getting approval of the Lower House of Parliament after BSP and SP staged a walk out.

The Rajya Sabha will also take up the discussion under a rule that entails voting. The voting will take place tomorrow.

PTI

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