As the deal faces another hurdle, the future seems bleak for Kishore Biyani’s cash-strapped Future Group. Some bankers say that Future Group's 'future' may depend on the deal with Reliance.
Updated Jan 29, 2021 | 23:40 IST
Biyani says in the letter that Amazon s only objective is to create confusion about the deal with Reliance, to disrupt the Group and create uncertainty around the future for the Group s ecosystem. Representational Image | Photo Credit: PTI
Key Highlights
Kishore Biyani wrote to Future Group employees after the Delhi HC heard arguments by the group as well as by Amazon today
Biyani assured employees that the company is on strong legal footing Amazon’s relentless attack is on Future Retail, the Board of Directors, lenders, promoters, and is unsparing of even on my father, uncle and children, wrote Biyani
Reliance Industries net profit rose 13 per cent to Rs 13,101 crore
Tata Consultancy Services (TCS) on Monday became the country s most valuable company, surpassing billionaire Mukesh Ambani-led Reliance Industries. TCS share price rose as much as 1.26 per cent to hit a record high of Rs 3,345.25 on the BSE. At the day s highest level, TCS market value touched an all-time high of Rs 12.55 lakh crore, data from BSE showed. (Track TCS share price here)
Reliance Industries became the country s second most valuable company as its shares declined as much as 5 per cent to hit an intraday low of Rs 1,950.30 after the world s largest refining complex reported a 30 per cent decline in its oil-to-chemicals division, but beat profit estimates for the third quarter as it reined in spending.
Asian Paints scion Malav Dani to sell shares worth ₹500 crore
January 03, 2021
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Malav Dani, son of paints tycoon Ashwin Dani, will off-load shares worth ₹500 crore on the stock exchanges between May 2021 and April 2022, according to statutory filings.
The Dani family is among the key promoter families of India’s largest paints manufacturer Asian Paints, which has a current market-capitalisation of over ₹2.66-lakh crore or $36 billion.
Malav holds 5.88 per cent stake in the company through his private investment arm, Sattava Holding and Trading. That stake is worth more than ₹15,000 crore or nearly $2 billion at the current price of ₹2,775 per share. In just nine months, Asian Paints share has seen 100 per cent appreciation from a low of ₹1,431 in March.