Retail stocks gained on Wednesday after Tesco Plc said on Tuesday that it
had applied to buy a 50 per cent stake in Trent Hypermarket Ltd, a unit of Tata Group's Trent Ltd.
Trent Ltd surges 12.4 per cent, Future Retail Ltd is up 4.1 per cent while Shopper's Stop Ltd gained 4.1 per cent.
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 Foreign Investment Promotion Board and plans to invest $110 million, an official at the Indian trade ministry said.
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