Future Lifestyle Fashion soars by 5%

The stock of Future Lifestyle Fashions was trading at Rs. 361.00 per share, up by more than 5% at 10:50 IST, on Wednesday. The stock was buzzing on the bourses on the back of news reports that the company is in talks with Flipkart for sale of 8 to 10% stake.

This move can be seen as a means to avoid direct price competition between the two companies who are leaders in the Indian retail industry. Flipkart is a e-commerce major giving tough competition to Amazon, while Future Group's Big Bazaar and Central are major big-box retail outlets with presence in almost all cities.

Flipkart had earlier tried to acquire Jasper Infotech's e-commerce site Snapdeal, but the deal did not get through due to disagreements between the founders of the two companies.

The stock of Future Lifestyle Fashions opened at Rs. 357.70 per share and witnessed an intraday high of Rs. 377.90 and low of Rs. 355.00 per share. The stock's adjusted 52-week high was at Rs. 410.55 per share on September 12, 2017.