Retail stocks gain on Tesco's investment plans
Dec 18 2013 , Mumbai
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.