Pantaloons surges 5% on FDI hopes after Prez polls

Retail stocks rallied after Economic Times reported the government may allow foreign investors to own majority stakes in domestic supermarkets and department stores after the Presidential elections on 19 July.

he move is being spearheaded by Trade Minister Anand Sharma, who has been sounding out state governments and other stakeholders such as traders and farmers to reach a consensus, according to the business newspaper.

Shares in India’s largest retailer, Pantaloon Retail India , rose 5 percent. Pantaloon is part of the Future Group also operates the Big Bazaar hypermarket chain.

Retailer Shoppers Stop, which operates the Hypercity chain, gained 8.6 percent, while hypermarket operator Trent advanced 8.6 percent.

Reuters