acquisition valued at Rs245bn will increase grocery business sales by ~40% to scale up its JIO Mart business meaningfully. Future Group shareholders will get shares in FEL (Future Enterprises), however we believe that huge equity dilution (12.26bn shares) post scheme of arrangement will result in significant pressure on stock price given that FEL had just Rs4.3bn EBIDTA in FY20 (post arrangement basis). Our target price on Reliance post factoring in expected gains from this acquisition increase from Rs2170 to Rs2234 (SOTP based). We retain BUY on Reliance Industries. Although we don't rule...