The Union Cabinet has given a go ahead to 100% FDI in single brand retail via automatic route. After this development, stocks of retail company were seen trading mixed.
Some of the stocks including Avenue Supermarts, Zodiac Clothing, Monte Carlo, Future Enterprises, Trent, Shopper Stop were trading higher. While a few others including Aditya Birla Fashion, Future Lifestyle Fashions, Future Retail were down in trade.
As per a release, in the existing scenario on single brand retail 49% FDI is allowed through the automatic route while any foreign direct investment amount over 49% and upto 100% needs government approval.
The NSE Nifty50 index was trading lower by 12 points at 10624.85 while Sensex was trading 34420.57.