BF Utilities tumbles as promoter pares stake

BF Utilities slumped 9.76% at Rs 465 at 14:33 IST on BSE after two promoters entities offloaded 0.34% stake of the company through market sale in March 2014 so far.

Meanwhile, the BSE Sensex was down 164.31 points, or 0.75%, to 21,610.30

On BSE, so far 1.21 lakh shares were traded in the counter as against an average daily volume of 56,440 shares in the past one quarter.

The stock hit a high of Rs 514.40 and a low of Rs 463.80 so far during the day. The stock had hit a 52-week high of Rs 669.70 on 13 January 2014. The stock had hit a 52-week low of Rs 118.10 on 7 August 2013.

The stock had underperformed the market over the past one month till 13 March 2014, falling 0.7% compared with the Sensex's 7.83% rise. The scrip, however, outperformed the market in past one quarter, falling 24.8% as against Sensex's 5.11% rise.

The small-cap company has an equity capital of Rs 18.83 crore. Face value per share is Rs 5.

As per BSE filing, promoter entity BF Investment sold 13,447 shares of BF Utilities on 11 March 2014. Following the sale, BF Investment's holding in BF Utilities declined to 11.87 lakh shares or 3.15% stake.

Another promoter entity Kalyani Investment Company offloaded 117,626 shares of BF Utilities between 6 and 11 March 2014. On 6 March 2014, Kalyani Investment Company sold 21,000 shares. It sold 16,164 shares on 7 March 2014 and 34,462 shares on 10 March 2014. On 11 March 2014, it sold 46,000 shares. Following the recent sale, Kalyani Investment Company's holding in BF Utilities declined to 62.12 lakh shares or 16.49% stake.

BF Utilities reported net profit of Rs 0.75 crore in Q1 December 2013 as against net loss of Rs 1.99 crore in Q1 December 2012. Net sales rose 3.1% to Rs 5.26 crore in Q1 December 2013 over Q1 December 2012.

BF Utilities constructs infrastructure projects.

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