Future Group stocks rallied in early trade today after the Delhi High Court stayed the implementation of a single-judge order to Future Retail Ltd (FRL) and various statutory authorities to maintain status quo regarding the Rs 24,713 crore deal with Reliance Retail.
While share of Future Consumer rose 8.86% at Rs 8.60, Future Lifestyle share gained 9.35% to Rs 90.60 on BSE. Future Consumer share is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The stock has lost 61.61% in one year and gained 0.82% since the beginning of this year.
RIL share too rose up to 1.97% to Rs 1,990 against previous close of Rs 1951.50 on BSE.
Future Lifestyle stock has gained after 4 days of consecutive fall. The stock opened with a gain of 9.99% today. The stock touched an intraday high of Rs 91.35, rising 9.99% on BSE. Future Lifestyle stock has lost 77.4% in one year and gained 4.37% since the beginning of this year.
Share of another Future Group firm Future Retail gained 9.84% to Rs 80.40 on BSE. The stock has gained after 4 days of consecutive fall. The stock opened with a gain of 9.97% at Rs 80.5 today. The stock trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. Future Retail stock has lost 76.42% in one year and gained 1.65% since the beginning of this year.
Share of Future Enterprises rose 9.9% to Rs 11.78 on BSE in early trade. Future Enterprises share has lost 46.21% in one year and gained 2.43% since the beginning of this year. The stock trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
The court also turned down Amazon's request to keep its order in abeyance for a week so that it can explore appropriate remedies.
A bench of Chief Justice D N Patel and Justice Jyoti Singh passed in the interim direction on FRL's appeal challenging the February 2 order of the single-judge bench. While staying the February 2 order, the court said that statutory authorities, like National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and Securities and Exchange Board of India (SEBI), cannot be restrained from proceeding in accordance with law with regard to the deal.
The court also issued notice to Amazon and sought its stand on FRL's appeal by February 26 when it will commence day-to-day hearing of the matter.
On February 2, the single-bench court of Justice JR Midha had blocked Future Group's deal with Reliance Industries after Amazon raised objections.
The court had passed the order while hearing Amazon's plea on an emergency award passed by the Singapore International Arbitration Centre (SIAC), which restrained Future from selling retail assets to Reliance.