Trent jumps on FIPB nod

Trent has been in the green for the past few days and today too, the stock remains firmly in the green. The stock opened higher at Rs.1313, went on to hit an intra day high at Rs.1339.80 andis currently at Rs.1290.45, up over 2.5%.

The stock has been in the ever since Tesco announced that it has applied for the FIPB nod and yesterday, this approval came through. FIPB approved Tesco’s proposal to invest $110 million in the JV with Trent , becoming the first company in India to get FIPB approval for multi brand retail ever since the Govt allowed 51% FDI in the sector in Sept’12.

Tesco plans to plans to initially invest $110 million in the multi-brand retail foray, including for the acquisition of 50% stake in Trent Hypermarket Ltd, a wholly-owned subsidiary of Trent Ltd.