Retail stocks open shop with smart gains on FDI buzz

Cabinet will consider 51% foreign direct investment (FDI) in multi-brand retail and 100% in single-brand retail.

India currently allows 51% foreign investment in single-brand retailers and 100% for wholesale operations, a policy that the world's top retailer Wal-Mart and Carrefour among others have lobbied to change for years.

In the backdrop of a slowing economy and the government struggling to shake off an image of policy paralysis, momentum to open up the multi-brand sector appears to have picked up.

Vishal Retail touched an intraday high of Rs 19.20 and an intraday low of Rs 18.25. At 09:23 hrs the share was quoting at Rs 18.65, up Rs 1.45, or 8.43%. It was trading with volumes of 26,489 shares.

Koutons Retail India touched an intraday high of Rs 21.25 and an intraday low of Rs 20.25. At 09:23 hrs the share was quoting at Rs 21.25, up Rs 1.30, or 6.52%. It was trading with volumes of 40,669 shares.

Also Read - Retail FDI is long over-due, says expert

Pantaloon Retail touched an intraday high of Rs 188.70 and an intraday low of Rs 182. At 09:23 hrs the share was quoting at Rs 188.00, up Rs 9.30, or 5.20%. It was trading with volumes of 134,618 shares.

Shoppers Stop touched an intraday high of Rs 363.90 and an intraday low of Rs 355. At 09:23 hrs the share was quoting at Rs 362.10, up Rs 9.50, or 2.69%. It was trading with volumes of 5,408 shares.