Future Retail share hits 10% upper circuit in second session
BusinessToday.In November 24, 2020
Future Retail share hit upper circuit of 10% in the second consecutive session on Tuesday after Competition Commission cleared Reliance's proposed acquisition of retail, wholesale, logistics, and warehousing businesses of Future Group.
Future Retail share opened with a gain of 9.95% at Rs 79.25 against the previous close of Rs 72.05 on BSE. The stock has delivered 29% returns to investors in the last 4 days of consecutive gains. Market cap of the firm rose to Rs 4,712 crore. The stock has gained 27% in the last one week. The stock opened at Rs 86.9 and has since traded at this price.
The share stands higher than 5 and 20 moving averages but lower than 50, 100 and 200-day moving averages. It has fallen 73% in one year and lost 74% since the beginning of this year. However, in a week, the small cap share has gained 16.26%.
The share hit a 52-week high of Rs 387.90 and 52 week low of Rs 61.05.
As per the notice submitted to the CCI, there are at least seven target entities. They are Future Enterprises, Future Consumer Ltd, Future Lifestyle Fashions Ltd, Future Retail Ltd, Future Market Networks Ltd, Future Supply Chain Solutions Ltd and Futurebazaar India Ltd and its subsidiaries.
Delhi High Court on Friday reserved orders in the suit filed by Future Retail against Amazon in connection with its deal with Reliance.
E-commerce firm Amazon has been opposing the deal between Future Group and Reliance Industries. Last year, Amazon bought 49% stake in one of Future Group's unlisted firms, with the right to buy into the listed flagship Future Retail Ltd.
Amazon has claimed that its contract with the unlisted Future Coupons Ltd barred a transaction with a number of persons and companies, including Reliance.