Future group stocks hit the upper circuit on Tuesday after the Delhi High Court allowed the Kishore Biyani company to go-head with Reliance Industries Ltd (RIL) deal.
Future Group share prices hit the upper circuit on Tuesday after the Delhi High Court allowed the Kishore Biyani company to go-head with Reliance Industries Ltd (RIL) deal. On Monday, Delhi HC’s division bench stayed the single judge’s order passed which had directed Future Group to maintain status quo till further orders with regard to its Rs 24,713-crore deal with Reliance Retail. Future Retail Ltd shares hit 10 per cent upper circuit at Rs 80.50, Future Enterprises Ltd at Rs 11.78 apiece, Future Market Networks Ltd at Rs 19.15 apiece, Future Lifestyle Fashions Ltd at Rs 91.35 apiece, and Future Supply Chain Solutions Ltd at Rs 99.05. Similarly, Future Consumer Ltd shares were locked into 10 per cent upper circuit at Rs 8.67 apiece.
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.
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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.