Future Group stocks soar on buzz of global interests

With global retail players eyeing every opportunity to participate in the Indian consumption story, the stocks of Future Group companies were buzzing on Monday as news reports suggested interests from Amazon, Google and Paytm.

The BSE Exchange has sought clarification from Future Retail Limited in this regard, citing news reports in a leading business daily. The report suggested that a consortium of Google and Paytm Mall might be keen on buying stakes in Future Retail. Another news daily had reported that Amazon was looking to tie-up with Future Group to introduce its Whole Food brand of products in India.

Prima-facie, this looks like a repeat of the run-up for buying Flipkart, wherein Walmart and Amazon both were contenders. It can be safely assumed that the SoftBank promoted Paytm and Google is trying to block out the retail giant Amazon from getting a bigger share of the Indian market.

Also, there is news that investment guru, Warren Buffett led Berkshire Hathaway is eyeing stakes in digital wallet company Paytm. This will further strengthen Paytm’s hand if any deal is struck with Future Group.

Meanwhile, at lunch hours, Future group stocks including Future Retail was trading at Rs. 555.10 per share, up by 35.95 or 6.92 per cent, Future Consumer was at Rs. 46.40 per share, up 5.22 per cent, Future Enterprises at Rs. 42.50 per share, up 11.70 per cent on Monday. Taking cue from all these positive interests in the Indian economy, the BSE Sensex was surging at 38,712.99, up by 461.19 points or 1.21 per cent.