Future Lifestyle Fashions jumps 5% on Flipkart deal buzz
ETMarkets.com|
Updated: Oct 18, 2017, 10.35 AM IST
NEW DELHI: Shares of Future Lifestyle Fashions, the listed fashion arm of the Future Group surged over 5 per cent in Wednesday's trade after Flipkart began exploratory discussions with CEO, Kishore Biyani to pick up an 8-10 per cent stake in the company.
Following the development, the stock gained 5.16 per cent to Rs 361.50 on BSE. It opened at Rs 357.70 and touched an intraday high and low of Rs 377.90 and Rs 355 respectively, in the first hour of trade.
Online and offline retailers are entering each other's territories as part of an omni-channel strategy and to combat shrinking retail margins.
Top management from both sides met last week in Mumbai to discuss the matter, people aware of the development told ET. Followup meetings are due post Diwali, they said.
Promoters held 60.60 per cent stake in the company as of June 2017.
For the quarter ended June 30, 2017, the company reported total revenue at 1,031.61 crore and net profit stood at 23.52 crore.
The scrip touched its fresh 52-week high of Rs 410.55 on September 12, 2017 and its 52-week low of Rs 108.75 on November 18, 2016.
Following the development, the stock gained 5.16 per cent to Rs 361.50 on BSE. It opened at Rs 357.70 and touched an intraday high and low of Rs 377.90 and Rs 355 respectively, in the first hour of trade.
Online and offline retailers are entering each other's territories as part of an omni-channel strategy and to combat shrinking retail margins.
Top management from both sides met last week in Mumbai to discuss the matter, people aware of the development told ET. Followup meetings are due post Diwali, they said.
Promoters held 60.60 per cent stake in the company as of June 2017.
For the quarter ended June 30, 2017, the company reported total revenue at 1,031.61 crore and net profit stood at 23.52 crore.
The scrip touched its fresh 52-week high of Rs 410.55 on September 12, 2017 and its 52-week low of Rs 108.75 on November 18, 2016.
