RIL, Future Group stocks rally on strong demand
New Delhi: Shares of Reliance Industries Ltd (RIL) closed nearly 3 per cent higher on Monday after the Competition Commission approved the company's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. Future Group stocks were also in heavy demand, rising up to 10 per cent. RIL shares rose 2.72 per cent to close at Rs 1,950.80 on the BSE.
During the day, it gained 3.72 per cent to Rs 1,970. On the NSE, it jumped 2.93 per cent to close at Rs 1,955.20. The company's market valuation rose by Rs 34,892.12 crore to Rs 13,19,138.30 crore on the BSE. In terms of volume, 5.99 lakh shares were traded on the BSE, while over 2 crore shares were traded on the NSE during the day. Besides, Future Retail zoomed 9.95 per cent to Rs 79 - its upper circuit limit, Future Lifestyle Fashions gained 9.99 per cent to Rs 90.30 and Future Enterprises Ltd shares rose 4.92 per cent to its highest trading permissible limit for the day at Rs 10.45 on the BSE. The Rs 24,713-crore deal that would boost RIL's fast-growing retail business was announced in August.
In a tweet on Friday, the regulator said it has approved "acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited". Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.