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    FRETAIL   INE752P01024


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Future Retail : Indian shares close lower as Reliance drags

08/06/2021 | 06:45am EDT
A woman walks past the Bombay Stock Exchange building in Mumbai

BENGALURU (Reuters) - Indian shares closed lower on Friday, snapping a four-day winning streak, weighed down by heavy-weight Reliance Industries after India's top court ruled in favour of the arbitration order stopping Future Retail's sale of assets to the conglomerate.

The NSE Nifty 50 fell 0.35% to 16,238.20 and the S&P BSE Sensex slid 0.4% to 54,277.72. The indexes still closed 3% higher for the week.

Shares of Reliance and Future Retail Ltd dropped 2.1% and 9.9%, respectively, after India's Supreme Court validated an arbitration order stopping the conglomerate's $3.4 billion deal to buy Future Retail.

Meanwhile, India's central bank on Friday held rates at record lows as widely expected, but it raised its inflation forecast and said it would normalise liquidity conditions in a signal policymakers could be edging closer to tapering pandemic-induced stimulus.

"It is unlikely that the RBI will change its stance in the October policy, although the split voting pattern could further increase," Kotak Mahindra Bank said in a note.

"We expect the start of policy normalization in the form of hike in reverse repo rate could be around the December policy after risks of further Covid wave fade.

The benchmark 10-year bond yield rose to 6.24%, while the Indian rupee closed at 74.16 against the dollar.

Among individual stocks, Strides Pharma Science Ltd fell 6.3% after reporting net loss in the June quarter.

Shares of Vodafone Idea rose over 19% on a report lenders of the debt-laden telecom operator were in talks to swap their debt for equity .

Among other shares, Glenmark Life Sciences closed 4% higher in its debut in the Mumbai market after its initial public offering was oversubscribed 44 times.

($1 = 74.1050 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Krishna Chandra Eluri)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FUTURE RETAIL LIMITED 2.27% 49.6 Delayed Quote.-38.37%
RELIANCE INDUSTRIES LTD 2.28% 2661.05 Delayed Quote.31.05%
10/22Arbitration panel rejects Future's plea on Reliance deal in dispute with Amazon
10/22GENERAL ANNOUNCEMENT : :Decision on Application to vacate the Emergency Arbitrator Award a..
10/21Indian stocks inch lower as tech losses outweigh energy gains
10/20GENERAL ANNOUNCEMENT : :Partial Award on Jurisdiction - SIAC Arbitration No. 960 of 2020
10/20GENERAL ANNOUNCEMENT : :Filing of an Interim Application by Amazon before Honble Supreme C..
10/20AMAZON COM : Singapore Panel Rejects Future Retail Bid to Be Excluded From Amazon Dispute
10/20AMAZON COM : Singapore arbitration panel says India's Future Retail is party to dispute wi..
10/07Reliance Retail to launch 7-Eleven stores in India after Future's exit
10/06RELIANCE INDUSTRIES' : Retail Arm to Launch 7-Eleven Stores in India
10/06Reliance Retail to launch 7-Eleven stores in India after Future's exit
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Sales 2022 - - -
Net income 2022 - - -
Net Debt 2022 58 145 M 776 M 776 M
P/E ratio 2022 -
Yield 2022 -
Capitalization 26 952 M 360 M 360 M
EV / Sales 2022 -
EV / Sales 2023
Nbr of Employees -
Free-Float 54,3%
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Sadashiv Vasudeo Nayak Chief Executive Officer & Executive Director
Chandra Prakash Toshniwal Chief Financial Officer
Kishore Laxminarayan Biyani Executive Chairman
Behram Kabrajee Head-Sourcing, Quality Assurance & Technical
Rajesh Seth Chief Operating Officer
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