Retail stocks rally as Budget commits to multi-brand FDI

Shares of retail companies gained value as the Finance Minister Pranab Mukherjee said that efforts are on to arrive at a consensus on allowing foreign investment in multi-brand retail business.

Shopper's Stop gained 3.3 per cent, Pantaloon Retail was up 1.5 per cent, Trent Ltd was up 1.8 per cent and Provogue was up 10.5 per cent.

Kouton Retail also gained 3.5 per cent.

Presenting his Union Budget in Parliament, Mukherjee said that the decision on allowing FDI in multi-brand retail business has been kept in abeyance, but effors are on to arrive at a broad-based consensus after consultations with state governments and other stakeholders.

The overall market was also up, with over 180 points gain in the benchmark Sensex at 1130 hours, as Mukherjee said that bold reforms were required to push forward the economic growth. He also said that steps would be taken to deepen the Indian capital markets.