Retailers gain as PM denies to roll back FDI decision

Posted By: Religare
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Retailers gain as PM denies to roll back FDI decision
After two consecutive days of flop show, retail stocks rebounded on domestic bourses as the Prime Minister came as a saviour for them by defending his government's decision to allow 51 per cent foreign ownership of multi-brand retail shops, thus injecting hopes again for their wish to see big retail honchos across the country.

While addressing "far from calm" protestors, the Prime Minister said that he is confident that Foreign Direct Investment in retail will benefit farmers, small retailers, and the country as a whole.

Wiping the tears of uncertainty, investors once again flocked to the retail stocks with the Pantaloon Retail trading at Rs 205, up 4.17 per cent from previous close on BSE at 10:00 AM. Meanwhile, the shares of Koutons Retail were trading at Rs 21.20, up 3.67 per cent from previous close on BSE.

Opposition has been asking the government to roll back the decision and discuss the issue first, which can be reconsidered again. But despite pressure from allies like the DMK and Ms Banerjee, the government has said it will not reconsider its decision.

Dion Global Solutions Ltd

Story first published: Wednesday, November 30, 2011, 12:31 [IST]
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