BF Utilities jumps 17% on land deal buzz

BF Utilities shot up about 17 per cent on BSE,ignoring weakness in the broader market.

BF Utilities stock shot up about 17 per cent on BSE,ignoring weakness in the broader market amid reports that the company is expected to enter into a land development deal with Prestige Estate in Bangalore.

Despite a weak opening,the scrip recovered and gained 17.11 per cent to close at Rs 515.05 apiece on the Bombay Stock Exchange.

The surge in the stock was in contrast to wider bearish trend in the market,with the BSE benchmark Sensex ending down 108.13 points at 16,713.33 points.

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According to the media reports,the land development will be done by BF Utilities Ltd’s subsidiary NICE in which the former owns 75 per cent stake.

The report further said that total revenue potential from the land development project is estimated at around Rs 880 crore.

The project is expected to be completed in 2-3 years,it added.

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