RIL Group acquisition of Future Group's Retail Business - Angel Broking

Mr. Jyoti Roy, DVP- Equity Strategist, Angel Broking Ltd

Reliance Group has announced acquisition of Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group. Here's a quote on it:

"Reliance Industries Ltd. has announced over the weekend that its subsidiary company Reliance Retail Ventures Limited (RRVL) will be acquiring the Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group as going concerns on a slump sale basis for total consideration of Rs. 24,713 crore. We believe that this acquisition by Reliance Industries Ltd. will help the company further consolidate its position in the retail business and make it the undisputed leader in the retail space. We remain positive on Reliance industries Ltd. and have a buy rating on the stock with a target of Rs. 2,366."

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.2078.55 as compared to the previous close of Rs. 2115.6. The total number of shares traded during the day was 770897 in over 35129 trades.

The stock hit an intraday high of Rs. 2172 and intraday low of 2061.25. The net turnover during the day was Rs. 1637030802.

Source : Equity Bulls

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