Market movers: Shares of Future Group hit upper circuit in a down market

Future Retail, Future Consumer and Rajesh Exports among top gainers in “A” Group.

As blazing US inflation hits a fresh 40-year high in May, accelerating to 8.6 per cent compared to May 2021, fear looms over the markets across the globe. 

At the closing bell on June 13, the benchmark indices recoup some of the initial losses but close weaker with Sensex closing at 52846.70 with a loss of 2.7 per cent or 1456.74 while Nifty50 shedding 2.6 per cent or 427.4 points at 15,774.40 

 Future Retail, Future Consumer and Rajesh Exports witnessed positive action in today’s session.  

Future Retail Ltd was the 2nd top gainer among BSE “A” Group while it was locked in the upper circuit of 5 per cent in today’s session at Rs 8.47. The stock has hit the upper circuit for the 5th session in a row after the NCLAT (National Company Law Appellate Tribunal) affirmed the CCI's Rs 200 crore sanction on Amazon. CCI had issued the penalties after discovering that Amazon had not fully disclosed all essential information about its strategic interests in Future Retail Ltd. NCLAT has ordered the e-commerce giant to pay a penalty of Rs 200 crore within 15 days. 

Future Consumer Ltd also hit the upper price band of 5 per cent in today’s session at Rs 2.37 recording a hat trick. (It hit the upper circuit in three consecutive sessions). The stock had logged a 52-week low on June 9 at Rs 2.01 and had since surged 12.8 per cent. 

Rajesh Exports Ltd witnessed a rally of 5.07 per cent in today’s session and closed at Rs 549.20. The loss-making jewellery company has been under selling pressure hitting a 52-week low of Rs 517.65 on June 7. At corrected valuations, the shares witnessed fresh buying. Shares of Rajesh Export hit intraday high and low at Rs 567.50 and Rs 516.05, respectively.