Latest News | Reliance Industries, Future Group Stocks Rally on Strong Demand
Get latest articles and stories on Latest News at LatestLY. 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.
New Delhi, Nov 23 (PTI) 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.
Also Read | Passport Online Application: How to Apply for New Passport At passportindia.gov.in.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)