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Thursday, December 19, 2013

Tesco plans cautious India entry after arm-twisting by politicians, (NYSE: WMT)

It took months of arm-twisting and assurances from New Delhi to persuade British retailer Tesco Plc to take the plunge and become the first foreign player to set up a chain of supermarkets in India.Earlier this year, world No.1, Wal-Mart Stores Inc, walked away from India and few expected any of its rivals to step in before elections due by next May, which could bring to power a government that reverses the opening up of a $500 billion market long dominated by millions of mom-and-pop shops.But on Tuesday, Tesco announced that it had applied to purchase a 50 percent stake in Tata Group's Trent Hypermarket Ltd to open stores in the western state of Maharashtra and neighbouring Karnataka,The decision marked a victory for the ruling Congress party in securing its first foreign investment victory after staking its political survival on reforming the supermarket sector.

Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats globally. Shares of WMT traded higher by 0.89% or $0.69/share to $77.94. In the past year, the shares have traded as low as $67.37 and as high as $81.37. On average, 6350820 shares of WMT exchange hands on a given day and today's volume is recorded at 10633938.