Future Retail Ltd’s shares rose as much as 6.2 percent to Rs 519.7, their biggest intra-day percentage gain since 25 May, 2018, buoyed by media reports that global tech giants Google and Amazon are in talks for a stake in the Future Group flagship.
Over 7,18,600 shares of Future Retail Ltd reportedly changed hands on Monday, compared with a 30-day average of 789,600 shares.
Google is looking to join forces with Alibaba-backed Paytm Mall to invest Rs 3,500 crore to Rs 4,000 crore ($499.36 million - $570.69 million) in Future Retail, The Economic Times reported, citing people familiar with the matter.
Separately, the Indian unit of Amazon has signed a term sheet to invest around $600 million to $700 million for a 12-15 percent stake in Future Retail,the Business Standard reported.
Future Retail, however, denied both reports.
Google and Amazon were not immediately available for comment, while PayTM refused to comment, Reuters reported.
Last week, a The Times of India report said that Alibaba is in talks with big Indian companies, including Future Retail, to boost its retailing plans in India.
Earlier, in June, PremjiInvest, the investment arm of Wipro chairman Azim Premji, picked a six percent stake in Future Retail from the Bharti Group for about Rs 600 crore.
The Bharti Group currently holds about a three percent stake in Future Retail via Cedar Support Services.
With inputs from Reuters
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Updated Date: Aug 27, 2018 17:53:17 IST