Retail shares gain after favourable FDI vote
Reuters Market Eye - Retail shares rose after the government won a vote on allowing foreign supermarkets to operate in multi-brand retail.
Shares in Pantaloon Retail PART.NS rose 2 percent to its highest in over a year. India's top retailer has surged 61.23 percent since September 14, when the government approved 51 percent FDI in multi-brand retail.
Shoppers Stop (SHOP.NS), which operates the Hypercity retail chain, rose 4 percent. The stock has gained 32.1 percent since the reform move was announced.
Trent (TREN.NS) rose 0.6 percent while CESC was up 0.2 percent.
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article