Shares of Future Group companies were in focus on Tuesday as they rallied up to 17 per cent on the BSE in the intra-day trade on report that Amazon has drawn up blueprint to bailout for cash-strapped Future Retail.
"Amazon.com Inc. is preparing a bailout plan for cash-strapped Future Retail if the Singapore International Arbitration Centre (SIAC) rules against a planned takeover of the Indian retail chain by Reliance Industries Ltd (RIL)," financial daily Mint reported quoting two people aware of the internal discussions at Amazon.
The stock of Future Retail was locked in the 10 per cent upper circuit band at Rs 52 on the BSE. It bounced back 21 per cent from its intra-day low of Rs 43.05. Trading volumes on the counter jumped over three-fold with a combined 16.1 million equity shares having changed hands on the NSE and BSE. There were pending buy orders for 659,508 shares on both the exchanges, data shows.
Meanwhile, among others Future Group stocks, Future Consumer surged 17 per cent at Rs 7.78 on the BSE on the back of heavy volumes, Future Enterprises hit 10 per cent upper circuit at Rs 9.10, while Future Lifestyle Fashions gained 9 per cent at Rs 59.80 on the BSE. In comparison, the S&P BSE Sensex was up 0.33 per cent or 177 points at 54,580 at 10:31 am.
In the past one week, all Future Group stocks declined between 24 per cent and 26 per cent, after the Supreme Court last week ruled in favour of Amazon in its tussle with the company.
The apex court allowed the appeal filed by Amazon against a Delhi High Court order staying attachment of properties of Future Group companies and Kishore Biyani in relation to the Rs 24,713-crore Future-Reliance deal. This came as a big boost to Amazon.
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