Trending Mid Cap stock: 3.26 percent stake in Future Lifestyle Fashion bought by Premji Invest
Wipro Chairman Azim Premji’s investment firm named Premji Invest has bought 3.26 percent stake in Future Lifestyle Fashions Ltd. through open market. The said 3.26 percent stake amounts to 62 lakh shares worth Rs 196 crore. The Future group is owned by Kishore Biyani.
As per the information provided on NSE, the said shares were sold by Bennett, Coleman & Company Ltd and India Opportunities Growth Fund Ltd.
On Monday, the stock closed at Rs 310.15. Today it opened at Rs 314.4 and touched a level of Rs 322.95, showing a gain of 4.1 percent from its previous closing price.
The leading rating agency, CARE has upgraded the rating of Future Lifestyle Fashion’s long-term bank facilities from CARE A+ to CARE AA-.
In FY17, Future Lifestyle Fashion’s revenue and net profit grew by 17.5 percent and 54.9 percent respectively on YoY basis.
The Future group plans to open 15 lifestyle departmental stores ‘Central’ with investment of Rs 250-300 crore in the coming fiscal year.
Future Lifestyle Fashions Limited has 40 domestic and foreign brands across the fashion space and operates retail chains like Central, Brand Factory, Planet Sports and Lee Cooper.