Share of Trent Ltd gained nearly 10% intraday on Saturday after the British retail giant Tesco said on Friday that it has entered into an agreement with Trent to form 50:50 joint venture in Trent Hypermarket which operates Star Bazar.
Tesco, the world’s third-largest retailer, which since 2008 has had a franchise agreement to provide support to Star Bazaar, had made the application to India’s FIPB in December.
On completion of the transaction THL will operate 12 stores retailing a range of merchandise including food and grocery, personal and home care products, home and kitchen, fashion and accessories.
Shares of the Tata Group company ended 5.89% higher at Rs 1054.30 on the BSE in the special trading session, which was conducted as NSE tested its software.
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