The top gainers on Sensex includes Vakrangee, SAIL, Reliance Infra, Balrampur Chini and Bharti Infratel.
Future Retail today said it has received approval from the RBI to increase the limit of its Registered Foreign Portfolio Investors to 49 per cent of its paid up capital.
The company had reported a net profit of Rs 101.05 crore in the October-December period of the previous fiscal.
The Cabinet on Wednesday allowed 100 percent foreign direct investment (FDI) under the automatic route for single-brand retail. To discuss in detail what would be the positive impact of the above development on ground for the retail companies CNBC-TV18 spoke to Rakesh Biyani, Joint MD, Future Retail, J Suresh, MD and CEO, Arvind Lifestyle Brands and to know the impact on their growth and stock prices, they spoke to Abneesh Roy, Senior VP, Edelweiss Securities.
The government also eased norms pertaining to the aviation sector and gave a go-ahead to 100 percent FDI in construction sector under automatic route.
Though the historical margins of the company vis-à-vis its peers aren’t quite up to the mark, the possibility of a further re-rating cannot be ruled out since a change in business mix could augur well for the financials.
On November 14, the shareholders of K Raheja Corp Group firm Shoppers Stop had approved sale of Hypercity to Future Retail.
Edelweiss is bullish on Future Retail has recommended buy rating on the stock with a target price of Rs 628 in its research report dated November 21, 2017.
Our partner Generali is looking at increasing their stake in the insurance business but we are not on a journey of listing this business, said Kishore Biyani, CEO, Future Group.
The company had reported a net profit of Rs 73.63 crore during the July-September quarter a year ago.
Axis Direct is bullish on Future Retail has recommended buy rating on the stock with a target price of Rs 650 in its research report dated October 25, 2017.
They plan to open 10 Centrals and about 16 odd Brand Factories by the end of FY18, said Rakesh Biyani, Joint Managing Director, Future Retail.
YES Securities is bullish on Future Retail has recommended buy rating on the stock with a target price of Rs 630 in its research report dated October 06, 2017.
Prabhudas Lilladher is bullish on Future Retail has recommended buy rating on the stock with a target price of Rs 549 in its research report dated October 06, 2017.
Nifty on Tuesday was trading in the green up 22.85 points at 10, 012 led by Reliance Industries, Infosys and Lupin which were among the top gainers, up 1.58 percent, 1.34 percent and 2.29 percent respectively.
Edelweiss is bullish on Future Retail has recommended buy rating on the stock with a target price of Rs 619 in its research report dated October 06, 2017.
Last week, Kishore Biyani-led Future Retail Ltd(FRL)had announced that it would acquire Hypercity that operates 19 large format premium stores in some key cities from the K Raheja group firm Shoppers Stop.
While the deal value, prima facie, looks muted, Shoppers Stop gets rid of a pain point. An expansion in Future Retail's store count and retail space will enable it to position its offerings in a premium format, thereby paving the way for a speedier turnaround of beleaguered Hypercity.
Looking at an interesting relational ship through this tie-up with Shopper's Stop as a group and Raheja family, said Kishore Biyani of Future Group.
The deal, which is likely to be completed in the next three to five months, will see HyperCity Retail India Limited become a wholly-owned subsidiary of Future Retail.
Shoppers Stop is buzzing in trade today. CNBC-TV18 learns that Future Retail set to acquire supermarket chain, HyperCity today. The deal likely to be valued around Rs 600-700 crore.
The Future Supply Chain IPO is likely by November end or early December according to merchant bankers, said Rakesh Biyani, Joint MD, Future Retail.
"All discussions at this stage are exploratory in nature. The company keeps on evaluating various possible business associations or transaction at any given time. However, at present, there is neither any legally binding agreement nor any business collaboration or association," Future Retail said in a regulatory filing.
Future Retail has reported an over two-fold jump in its standalone net profit at Rs 148 crore for the quarter ended June 2017 (Q1FY18) on account of higher income. It posted a net profit of Rs 71 crore during the April-June quarter of FY17.
Amidst the GST-induced disruptions in Q1FY18, though India's leading retailers held on to their nerve, the jewellery majors weren't quite up to the mark.