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Retail stocks jump on hopes of FDI in multi-brand retail
Shares of retail companies jumped sharply today, following reports that the government would consider FDI in multi-brand retail after the presidential elections.
Shares of Heritage Foods jumped 7%, while Pantaloon Retail gained more than 4.3%, Trent gained 9.38%, Shopper's Stop jumped 9.36% and Provogue gained 7%.
It maybe recalled that the cabinet had earlier approved FDI in multi-brand retail, but had to shelve it after fierce opposition from allies, particularly West Bengal Chief Minister, Mamata Banerjee.
FDI in multi-brand retail has been criticised on the grounds that it would lead to lakhs of small shopkeepers becoming jobless.
However, many believe that FDI in multi-brand retail would create more jobs, reduce prices and also help curb wastage as there would be fresh foreign investment in chilled freezer technology which could prevent a lot of wastage.
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