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The Mint Report for 5 December 2011

The Mint Report for 5 December 2011

File Photo

And shares of several Indian retailers dropped on Monday in reaction to the government’s move to put FDI on hold. Pantaloon Retail plunged 12.86% on the BSE to 186.40 on a day the Sensex lost just 0.25%. And Koutons Retail tumbled 6.49% by the end of trade at 19.45. Meanwhile, CESC, which runs Spencers lost 4.30% to end at 249.10. One retailer that bucked the trend was Shoppers Stop, which registered a 1.11% rise to 365.20 after making initial losses.

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In other news, India’s services industry is back in expansion mode. New figures show the sector grew in November after contracting in October. The HSBC Markit Purchasing Managers’ Index for services stood at 53.2 for the month. The previous month it was at 49.1. Any figure above 50 on the index indicates a gain.

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