Shares of companies engaged in retail business are in limelight on the bourses in late noon trades on reports that the Economic Advisory Council on August 17, said to the prime minister that India should allow foreign retailers to own as much as 49% of multi-brand retail chains to attract investment and boost economic growth.

“The long-pending Cabinet decision on allowing 51% foreign direct investment (FDI) in multi-brand retail is set to be notified by the second week of September, after the Parliament's monsoon session is over by September 7," the report suggests.

Among the individual stocks Provogue India and Koutons Retail India have surged 5% each, Pantaloon Retail (India) soared 4%, while Shoppers Stop, CESC and Trent are up in the range of 1-3% on the BSE.