Suggestion on FDI hike raises retail stocks

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Retailers including Provogue India, Pantaloon Retail, Shoppers’ Stop and Koutons Retail India have experienced a mount in their stocks as the Economic Survey, on Thursday, suggested a hike in foreign direct investment (FDI) in retail and insurance sectors.

According to Bombay Stock Exchange (BSE), Provogue India shot up 6.42 per cent, closing at Rs 1,196. Pantaloon Retail rose 1.31 per cent to close at Rs 519.20 and Shoppers’ Stop also witnessed hike of 1.25 per cent to Rs 440. Koutons Retail was marginally up by 0.59 per cent to Rs 1,066.

However, real estate firms including DLF and Indiabulls Real Estate had a decline in their stocks. Shares of Indiabulls declined 1.02 per cent, closing at Rs 647.30. DLF stocks had a decline of 2.37 per cent to close at Rs 805.35.

According to the Economic Survey report, 100 per cent foreign equity in specialised retail chains like luxury brands and consumer durables should be allowed.

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