Retail stocks gain on Tesco's investment plans

Shares of retailers gain after Tesco Plc said on Tuesday it had applied to buy a 50 percent stake in Trent Hypermarket Ltd, a unit of Tata Group's Trent Ltd.

Dealers say Tesco's investment in Trent is raising hopes that there will be other buyouts and deals in India's $500 billion retail sector.

Tesco, the world's third-largest retailer, which already has a franchise agreement to provide support to Trent's Star Bazaar chain, has made an application to India's Foreign Investment Promotion Board and plans to invest $110 million, an official at the Indian trade ministry said.

Trent Ltd surges 12.4 percent, Future Retail Ltd is up 4.1 percent while Shopper's Stop Ltd gains 4.1 percent.

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