Shares of companies engaged in retail, aviation and cable operating business have rallied in opening deals after the cabinet approved the foreign direct investment (FDI) in these sectors.
On Friday, after market hours, the Cabinet approved 51% FDI in local multi-brand retail industry, ended a ban on local carriers selling stakes to overseas airlines and allowed foreign investors to acquire as much as 74% in cable television and direct-to-home operators.
Pantaloon Retail and Shoppers Stop from retail, SpiceJet and Kingfisher Airlines from aviation have rallied more than 14% each, while Den Networks, Dish TV and Hathway Cable and Datacom from cable operating sector are trading higher by over 5% each on the Bombay Stock Exchange (BSE).
