BF Utilities has rallied 8% to Rs 349, extending its four day’s rally, on reports that the company has received Karnataka High Court’s (HC) clearance for Nandi Infrastructure Corridor Enterprises /Nandi Economic Corridor Enterprises (NICEL/NECEL) project on last Friday.
Shares of infrastructure firm BF Utilities have zoomed 82% in last one week from Rs 192 on October 25, on BSE as compared to 2.5% rise in benchmark S&P BSE Sensex.
The Hon’ble High Court of Karnataka on Friday, 25th October 2013, had pronounced the order pertaining to the Writ Petition filed by Nandi Infrastructure Corridor Enterprises /Nandi Economic Corridor Enterprises (NICEL/NECEL) against BMICAPA (Area Planning Authority) in Open Court – (meaning the same is public information instantly and is applicable as soon as the order is pronounced in the Open Court), BF Utilities said in a regulatory filing on clarification on news report.
The company said, the Karnataka High Court confirms the approval given to NICE/NECEL to develop residential layout in its project by the BMICAPA and the same is envisaged in the framework agreement signed between NECEL and the state government of Karnataka on 3rd April 1997.
The written order (certified copy) of the Hon’ble High Court of Karnataka is yet to be received, it added.
Shares of infrastructure firm BF Utilities have zoomed 82% in last one week from Rs 192 on October 25, on BSE as compared to 2.5% rise in benchmark S&P BSE Sensex.
The Hon’ble High Court of Karnataka on Friday, 25th October 2013, had pronounced the order pertaining to the Writ Petition filed by Nandi Infrastructure Corridor Enterprises /Nandi Economic Corridor Enterprises (NICEL/NECEL) against BMICAPA (Area Planning Authority) in Open Court – (meaning the same is public information instantly and is applicable as soon as the order is pronounced in the Open Court), BF Utilities said in a regulatory filing on clarification on news report.
The company said, the Karnataka High Court confirms the approval given to NICE/NECEL to develop residential layout in its project by the BMICAPA and the same is envisaged in the framework agreement signed between NECEL and the state government of Karnataka on 3rd April 1997.
The written order (certified copy) of the Hon’ble High Court of Karnataka is yet to be received, it added.
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