Future Retail shares jump over 5%

Shares of Future Retail surged over 5 per cent today amid reports that Google and Paytm Mall may team up to buy stake in the company.

The stock soared 5.41 per cent to end at Rs 547.25 on BSE. Intra-day, it jumped 7.47 per cent to Rs 557.95.

At NSE, shares of the company gained 4.51 per cent to close at Rs 543.15.

Buying was also seen in other group stocks, with Future Enterprises surging 12.35 per cent, Future Consumer 6.58 per cent and Future Lifestyle Fashions 2.55 per cent on BSE.

Meanwhile, BSE had earlier in the day sought clarification from the company with reference to a news report that said Google may join hands with Paytm Mall to buy stake in Future Retail.

 

Later in a clarification to BSE, it said:"With regards the news item published today, please take note that in the course of its business, the company evaluates various possibilities, including in relation to business association with third parties, which is always a subject matter of further feasibility studies and the need for requisite consents in accordance to the applicable laws."

At present, since there is no such decision taken by the board of directors, there is no disclosure obligation that would have otherwise triggered, the filing added.

The company is committed to adhere with adequate disclosure requirements under the applicable regulations in relation to definitive transactions as may have been approved by the board of directors from time to time, it said.