BF Utilities surges 12% on FII stake buy buzz

Despite a volatile market, shares of BF Utilities surged nearly 12% on Wednesday, fuelled by rumours that a leading foreign institutional investor was planning to buy a stake in the company at a premium to the market price. The market talks, however, could not be confirmed as the company officials were not available for comments.

According to brokers, speculators took charge of the counter to ride the momentum triggered by the rumours, which helped the stock climb to an intra-day high of . 899, before closing 11.6% higher at Rs 893.5. The counter attracted significantly higher trading volumes of 18.1 lakh shares, against 5.3 lakh shares traded the previous day. The presence of speculators was reflected in the low deliverybased volumes, with only 7.5% of the traded quantity being delivered on Wednesday.

Contributed by Harish Rao.