The legal battle involving Amazon, Future group & Reliance continues to influence the stock prices of the above mentioned companies leading to uncertainty and high volatility, says AR Ramachandran, Co-founder & Trainer, Tips2Trade. He advises investors to use every uptrend to exit Future group stocks as this legal battle could stretch out for a very long time. Ramachandran told Financial Express Online that currently, Rs 83-90 remains a strong resistance zone for Future Retail Ltd.
Reliance Industries Ltd (RIL) share price gained as much as 2 per cent to Rs 1,990 apiece on BSE. So far in the trade, 3.43 lakh have been traded on BSE, while 50.80 lakh shares have exchanged hands on the National Stock Exchange (NSE). Following this order from Delhi HC, now Future group can go ahead with the formalities related to the completion of the transaction. So far, the Competition Commission (CCI) and the Securities and Exchange Board of India (Sebi) have given their approval for the FRL-RIL deal. This deal now requires the approval of the National Company Law Tribunal (NCLT), which got stalled by the single judge’s February 2, 2021 order.
In the noon deals, BSE Sensex was trading 364 points or 0.71 per cent higher at 51,713, while the broader Nifty 50 index surged 110 points or 0.72 per cent to 15,225 levels.