Reliance share rose almost 2% after Delhi High Court lifts ‘Status Quo’ order:
Reliance: It is one of the largest multinational conglomerate companies in India located in Mumbai. The company provides services in petrochemicals, textiles, natural gas, media, and telecommunication across India. It is the first Indian company to reach $200 billion in market capitalization. The present Chairman and Managing Director (MD) of the company are Mukesh Ambani.
Meanwhile, on Monday, the shares of the company surged almost 2% in the stock market. The main reason for this is the Delhi High Court stayed the single judge bench order directing ‘Status Quo‘ on the Future Retail-Reliance deal worth Rs. 24,000 crores.
As per the court judgment, Amazon has no reason to request for status quo, as the company won’t interested in the deal. The statutory bodies such as SEBI and CCI not attended before the high court on Monday. However, the Delhi High Court could not have restrained statutory authorities such as SEBI.
The Court also observed that statutory bodies like SEBI and CCI cannot be restrained in private litigation. The statutory bodies acting in accordance with the law said Future Retail in the stock exchange filing.
Whereas the court also observed that the directions passed are only prima facie. However, it will not come in the way of orders passed by the single judge bench. We are not inclined to deal with issues raised, as the single judge bench order is yet to be pronounced, it said.
However, the shares of Reliance Industries Limited reported a bullish trend in the stock market on Tuesday. It gained 28.00 points with a 1.43% increase and reached 1,979.55 INR. While in BSE, the company gained 28.00 points with a 1.43% increase and reached 1,979.15 INR.
While the shares of Future Retail Limited reported a bullish trend in the stock market on Tuesday. It gained 7.30 points with a 9.97% increase and reached 80.50 INR. While in BSE, the company gained 7.30 points with a 9.97% increase and reached 80.50 INR.
Stock Market on February 9th:
On Tuesday, both Sensex and Nifty continue their bullish trend in the stock market from the last six sessions of the stock market. The Sensex is trading above 51,700 levels and nifty trading above 15,200 levels in the stock market. The Sensex gained 370.71 points with a 0.72% increase and reached 51,718.98 levels. While the nifty gained 111.25 points with a 0.74% increase and reached 15,227.05 levels.
On the other side, the number of coronavirus cases in India reached 1,08,47,304 with almost 1,55,158 deaths.
In the border markets, the S&P BSE SmallCap index reported a bullish trend in the stock market on Tuesday. It gained 65.69 points with a 0.34% decrease and reached 19,454.72 levels. Whereas, the S&P BSE MidCap gained 70.47 points with a 0.36% increase and reached a 19,775.83 level. While the Nifty Bank gained 340.75 points with a 0.95% increase and reached 36,339.40 level.
Top Gainers on February 9th: Asian Paints, SBI Life Insurance, HDFC Life, ONGC, and Wipro are the top gainers in today’s stock market.
Top Losers on February 9th: IOC, M&M, JSW Steel, Tata Motors, and Bajaj Auto are the top losers in today’s stock market.