Shares of Future Group companies extended their northward movement with Future Consumer and Future Market Networks zooming over 100 per cent, while flagship Future Retail surging 94 per cent in the past one month on reports Mukesh Ambani-led Reliance Industries will buy a stake in some units of Future Group. Future Market Networks has soared 104 per cent, while Future Enterprises surged 88 per cent in the past one month.
Future Retail (Rs 142.45), Future Consumer (Rs 18.79), Future Market Networks (Rs 30.90), Future Lifestyle Fashions (Rs 149.70) and Future Enterprises (Rs 16.67) were locked in the upper circuit band of 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.52 per cent at 35,022 points at 01:13 pm.
According to a Bloomberg report, Reliance Industries is closing in on a deal that would see it acquire stakes in some units of Future Group, people familiar with the matter said, a move that would bolster the e-commerce ambitions of the conglomerate and its billionaire Chairman Mukesh Ambani. CLICK HERE TO READ FULL REPORTThe rating agency Care Ratings on May 29 had revised bank facilities of Future Consumer and continues to be on credit watch with negative implications. The revision of ratings assigned to the bank facilities and instruments of Future Consumer primarily factors in continuous weakening of business and financial risk profile of its key customer which is also the flagship entity of the Future Group i.e. Future Retail, it said.
“The increase in the volume of shares of the Company is purely driven by the market forces and is not within the control of the Company and we cannot comment on increase in volume of shares of the Company,” Future Retail said on Thursday. The company made a clarification on query raised by the BSE related to increase in volume.
| COMPANY | LATEST | 1-MONTH BEFORE | GAIN(%) |
| FUTURE CONSUME | 18.79 | 7.80 | 140.90 |
| FUTURE MARKET | 31.00 | 15.20 | 103.95 |
| FUTURE RETAIL | 142.45 | 73.40 | 94.07 |
| FUTURE ENTERP. | 16.67 | 8.87 | 87.94 |
| FUTURE LIFESTYLE | 149.70 | 139.70 | 7.16 |