Future Retail scrip up 12% on merger move

Shares of Future Retail climbed 12 per cent on Monday as the company approved the demerger of retail business and merge it with Bharti Retail. 

The stock soared 12.06 per cent to settle at Rs 129.65 on BSE after surging 18.4 per cent to Rs 137. On NSE, it climbed 11.84 per cent to close the day at 

Rs 129.40. 

The company’s market capitalisation went up Rs 542.59 crore to hit Rs 5,034.59 crore. On the volume front, 18.16 lakh shares were traded at BSE and over 93 lakh shares changed hands at NSE during the day. 

Stock of Future Lifestyle Fashions rose 6.08 per cent to end at Rs 81.95. 

“Kishore Biyani-owned Future Retail surged after its board approved consolidation and realignment of retail operations with Bharti Retail,” said Hiren Dhakan, Associate Fund Manager, Bonanza 

Portfolio.