Shares of Future Retail soared 6 percent on Monday morning as investors reacted to a report that Google and Paytm were looking to buy stake worth Rs 3,500-4,000 crore in the firm.
The stock touched an intraday high of Rs 552.00 and an intraday low of Rs 540.00.
According to a report, the internet giant and e-wallet major are likely to form a consortium to buy 7-10 percent stake in Future Retail. This move puts the group in competition against Amazon, which has also reportedly submitted a term sheet to buy the same stake in the firm.
Meanwhile, markets went off to a good start on Monday morning as equities rode on positive global sentiment. The Sensex and Nifty have hit fresh record highs. The 50-share index is also trading above 11,600.
Banks and metals are leading the charts among sectoral indices, while pharmaceuticals, FMCG and infrastructure are following them. There is strong growth in midcaps seen as well, with the Nifty Midcap gaining around a percent. The Sensex is up 204.70 points or 0.54% at 38456.50, while the Nifty is up 62.60 points or 0.54% at 11619.70.
The market breadth is positive as 447 shares advanced, against a decline of 120 shares, while 61 shares were unchanged. State Bank of India, Yes Bank, and Hindalco are the top gainers, while Wipro, TCS, and Bharti Infratel have lost the most. • Aug 27, 09:07 AM (IST) Rupee opens:The Indian rupee gained in the opening trade on Monday.
It has opened higher by 15 paise at 69.76 per dollar versus 69.91 Friday. On Friday, Rupee rose following weakness in the dollar against its major crosses and ahead Fed chairman statement at the Jackson Hole Symposium. In the recent past, rupee has been under pressure primarily on back of global factors than domestic factors.
Broad dollar strength has been one of the major factors that led to weakness in major Asian currencies and rupee has been one of the weakest of the pack. Data released by RBI showed FX reserves for the week ended August 24 remained more or less unchanged compared to previous week at USD 400.84 billion.>