Future Retail rises over 18%
By
Ruma Dubey
about 5 years ago
After five days of continuous fall, Future Retail is up and about today. The stock opened almost 4.5% higher at Rs.342 and went up to an intraday high at Rs.387.90, rising over 18.2%. Its 20% UC for today is at Rs.393.70.
The stock has reacted positively to the news of Competition Commission of India (CCI) approving Amazon's proposed Rs1,500 crore deal to acquire a 49% stake in Future Coupons Ltd (FCL).
FCL currently owns a 7.3% stake in Future Retail and with this, Amazon will automatically own 3.58% stake in FCL.
The proposed combination consists of certain other constituent steps involving FCL, Future Corporate Resources and Future Retail.