Sensex at 50K: RIL jumps 3% on SEBI nod to Future Retail deal
As Sensex created history on Thursday reaching the 50,000-mark, index-heavyweight Reliance Industries’ (RIL) shares played a major role in the achievement. RIL shares surged nearly three per cent after SEBI approved the acquisition of Future Group’s retail assets by Reliance Retail.
Around 12.45 p.m., RIL shares on the BSE were trading at Rs 2,115.65, higher by Rs 60.80 or 2.96 per cent from its previous close.
The capital market regulator approved the deal subject to a number of conditions in the Composite Scheme of Arrangement. The BSE on its part said that it has no adverse observations on the transaction.
In August 2020, Kishore Biyani and Future Group had entered into a Rs 25,000 crore agreement with Reliance Retail. As part of the pact, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures (RRVL).
SEBI vide its letter dated January 20 has inter alia made the following comment(s) on the Composite Scheme of Arrangement for Future Consumer and Future Retail.
RIL plays a major role on the Sensex with almost 10.66 per cent weightage in benchmark composition.
Shares of RIL have turned bullish in the past couple of weeks which have given a major boost to the Sensex and helped it pass through the 50,000-mark.