Future Capital surges 9% on Deccan Chronicle buzz

Shares of Future Capital Holdings rose by more than 9% in morning trade on the bourses today amid reports that Deccan Chronicle Holdings was acquiring a controlling stake in the Future Group financial services firm for Rs 600-700 crore.

However, in a clarification issued to the BSE today, Pantaloon Retail (India) has denied any such transaction at this stage.

Shares of the company made a robust opening and jumped 9.18% to touch a high of Rs 148 on the NSE. A similar trend was seen on the BSE, where the scrip gained 8.53% to an early peak of Rs 146.95.

Later, the stock shed some of its gains and was trading at Rs 140.90, up 4.06%, at 1040 hours on the BSE.

Meanwhile, shares of Deccan Chronicle— which opened on a weak note— recouped their losses within minutes of opening trade and were quoting 2.22% higher than their previous close on the BSE at Rs 48.35 apiece.

As per media reports, the deal, estimated to be worth Rs 600-700 crore, has been concluded and is likely to be announced shortly.

Pantaloon Retail had sold its entire stake in Future Capital Holdings, the reports said.

Pantaloon Retail (India) holds a 53.67% stake in Future Capital.