 "Future Retail extends gain on pact with Oman-based Khimji Ramdas LLC")
Future Retail has rallied 9% to Rs 560 in intra-day trade, extending its past two days 3% gain on the BSE, after the Future Group Company said that it will form a joint venture with Oman-based Khimji Ramdas LLC to take its 'fbb' brand fashion outlets to Oman and other Gulf Cooperation Council (GCC) countries.
“The Company has entered into shareholders agreement with Khimji Ramdas LLC for formation of a joint venture (JV) company to undertake business to operate "fbb" brand fashion outlets commencing in Oman and then across other member states of GCC,” Future Retail on Tuesday, March 13, said in the regulatory filing.
It is proposed to incorporate a new JV Company in Oman into which each party to the agreement shall subscribe 50% of share capital, it added.
At 12:20 am; the stock was trading 6% higher at Rs 545 on the BSE, as compared to 0.13% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 3.82 million shares changed hands on the BSE and NSE so far.
“The Company has entered into shareholders agreement with Khimji Ramdas LLC for formation of a joint venture (JV) company to undertake business to operate "fbb" brand fashion outlets commencing in Oman and then across other member states of GCC,” Future Retail on Tuesday, March 13, said in the regulatory filing.
It is proposed to incorporate a new JV Company in Oman into which each party to the agreement shall subscribe 50% of share capital, it added.
At 12:20 am; the stock was trading 6% higher at Rs 545 on the BSE, as compared to 0.13% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 3.82 million shares changed hands on the BSE and NSE so far.
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