BF Utilities has soared 17% to Rs 271, extending its previous day’s 20% rally, on back of heavy volumes. The stock opened at Rs 243 and hit a high of Rs 275 on NSE.
A combined 5.2 million shares representing nearly 41% of free float of equity have already changed hands on the counter till 1240 hours against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
Shares of infrastructure firm has zoomed nearly 55% in past four trading sessions from Rs 178 on October 23 on reports the company has received Karnataka High Court’s (HC) clearance for Nandi Infrastructure Corridor Enterprises (NICE) project last week. NICE is a subsidiary of BF Utilities.
NICE is implementing the Bangalore Mysore Infrastructure Corridor (BMIC) Project, which consists of a 164 km tolled expressway connecting Bangalore and Mysore. Concession period for toll road is 40 years including 10 years of construction period, according to information available on the company’s website.
Meanwhile, the company yet to announce its September quarter earnings, had reported net profit of Rs 2.62 crore for the third quarter ended June 2013 against loss of Rs 1.48 crore in March 2013 quarter.
A combined 5.2 million shares representing nearly 41% of free float of equity have already changed hands on the counter till 1240 hours against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
Shares of infrastructure firm has zoomed nearly 55% in past four trading sessions from Rs 178 on October 23 on reports the company has received Karnataka High Court’s (HC) clearance for Nandi Infrastructure Corridor Enterprises (NICE) project last week. NICE is a subsidiary of BF Utilities.
NICE is implementing the Bangalore Mysore Infrastructure Corridor (BMIC) Project, which consists of a 164 km tolled expressway connecting Bangalore and Mysore. Concession period for toll road is 40 years including 10 years of construction period, according to information available on the company’s website.
Meanwhile, the company yet to announce its September quarter earnings, had reported net profit of Rs 2.62 crore for the third quarter ended June 2013 against loss of Rs 1.48 crore in March 2013 quarter.
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