Shares of Trent today trimmed their initial gains on profit-booking in an overall flat market.
The FIPB yesterday approved Tesco Plc's proposal to enter the Indian multi-brand retail segment in joint venture with Tata Group company with an initial investment of USD 110 million.
After soaring 6.52 per cent to Rs 1,339.80 in intra-day trade on the BSE, Trent's scrip finally ended at Rs 1,266.20, up 0.67 per cent. At the NSE, however, the stock closed 0.31 per cent down at Rs 1,256.
Tesco is set to pick up a 50 per cent stake in Trent Hypermarket Ltd, a wholly-owned subsidiary of Trent Ltd, a Tata group company.
Tesco is the first global retailer to apply for multi- brand retailing after the government allowed 51 per cent FDI in the segment in September last year.
UK-based Tesco Plc became the first global retailer to get approval to enter country's multi-brand retail sector from the Foreign Investment Promotion Board.
Meanwhile, in the broader market, the BSE benchmark Sensex ended at 21,170.68, up 27.67 points.
