The shares of retail majors continued a northward journey on Friday, a day after foreign direct investment (FDI) norms in the sector were liberalised. On a day when the benchmark Sensex lost a little more than one per cent, these companies, including Vishal Retail and Pantaloon Retail, had a double-digit surge.
Vishal gained almost 20 per cent to close at Rs 22.60. Pantaloon surged 17 per cent to settle the day at Rs 234.05. Pantaloon had gained 12 per cent yesterday, on the news about FDI in multi-brand retail being allowed up to 51 per cent and 100 per cent in single-brand retail.
Meanwhile, Trent gained 8.4 per cent to close at Rs 1,058.45. Shoppers Stop gained 6.3 per cent, closing at Rs 395.65. Provogue gained a marginal 1.5 per cent to close at Rs 27.20.
Interestingly, many of the world’s top retailers— Walmart, Carrefour, Metro and Tesco —are already in India in some form or the other. In the backdrop of stiff regulations in the multi-brand retail sector, international chains had found a foothold in the cash-and-carry business.