Pantaloon jumps 9% as RBI eases norms for FII investment

Stocks

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, January 22, 2013, 10:21 [IST]

Pantaloon Retail rallied sharply by more than 9 per cent, following reports that the RBI has eased FII investments norms in the company. The stock was last traded at Rs 264, up at 9.27 per cent in early trade.

Other retail stocks also saw buying interest with Shopper's Stop gaining 4 per cent, Trent rising more than 1 per cent, BrandHouse Retails gaining 6 per cent and Provogue India jumping 6 per cent.

Sentiments for retail stocks were also boosted after the foreign investment board cleared IKEA's proposal to set up stores in the country. This would now pave the way for the Swedish giant to invest $1.86 billion in the country.

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