Future Group shares gain on expansion plans

Future Retail, Future Lifestyle, Future Consumer, Future Market and Future Enterprises have rallied up to 11% in intra-day trade.

Shares of Future Group companies, Future Retail, Future Lifestyle, Future Consumer, Future Market and Future Enterprises rallied up to 11% on the BSE in intra-day trade after the announcement of plans to open 10,000 member-only Easyday stores by 2022, utilising the technology and data of Alphabet Inc's Google and Facebook Inc.

At 01:37 PM; Future Retail was trading 9% higher at Rs 561, after surging 11% (Rs 573) in intra-day trade on back of heavy volumes. The trading volumes on the counter nearly doubled with a combined 1.78 million shares changed hands on the BSE and NSE so far.

Future Lifestyle was up 7% to Rs 371, while Future Consumer up 5% on the BSE. Future Market Networks and Future Enterprises were up 4% each at Rs 136 and Rs 52, respectively. On comparison, the S&P BSE Sensex was up 0.33% at 33,587 points.

By the end of the current fiscal, the group will have 1,100 Easyday stores from the present 700. Each such store will have an investment of around Rs 15 lakh, the PTI report suggested quoting Future Group chief executive Kishore Biyani. CLICK HERE TO READ FULL REPORT.