Provogue, Pantaloon Retail, Shoppers Stop surge on FDI nod

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Provogue, Pantaloon Retail, Shoppers Stop surge on FDI nod
Provogue India: Quotes, News
BSE 5.24BSE Quote0.31 (5.92%)
NSE 5.20NSE Quote0.3 (5.77%)
The shares of the Provogue, Pantaloon and Shoppers Stop surged on Monday after Cabinet approved FDI in multi-brand retail trading, with specified conditions.

Provogue shares rose by 11.97% to Rs 17.96 on BSE at 12.25 pm IST. It touched intra-day high of Rs 18.90.

The shares of the Pantaloon Retail surged by 18.24% to Rs 186.35. It touched intra-day high of Rs 209.00.

Koutons Retail was seen higher by 4.99% to Rs 7.15. The Shopper Stop stocks was seen trading up by 9.52% to Rs 394.70. It touched the intra-day high of Rs 415.

On Friday, government allowed 51% FDI in multi-retail brand. This is a welcome move by the government which is going to benefit and attract investors.

While, farmers stand to benefit from the significant reduction in post-harvest losses, expected to result from the strengthening of the backend infrastructure and enable the farmers to obtain a remunerative price for their produce.

Small manufacturers will benefit from the conditionality requiring at least 30% procurement from Indian small industries, as this would enable them to get integrated with global retail chains. This, in turn, will enhance their capacity to export products from India.

Story first published: Monday, September 17, 2012, 12:44 [IST]
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