BF Utilities surges 10% as Radhakishan Damani buys 1% stake in June quarter

Shares of BF Utilities were locked in 10 per cent upper circuit at Rs 220.95 on the BSE on Tuesday after investor Radhakishan Shivkishan Damani bought more than one per cent stake in the Kalyani group company in the April-June quarter.

As on June 2020, Radhakishan Damani held 1.3 per cent stake, or 491,000 equity shares, in BF Utilities, according to shareholding pattern data filed by the company on Monday.

Radhakishan Damani, the founder of Avenue Supermarts Ltd, held nil or less than one per cent stake in electric utilities company at the end of March quarter, data shows.

The counter has seen huge trading volumes today, with a combined around 720,000 equity shares changing hands till 09:47 am. There were pending buy orders for 350,000 shares on the NSE and BSE, exchange data shows.

Meanwhile, BF Investment, other Kalyani group company, surged as much as 19 per cent to Rs 366 on the BSE. Currently, the stock was trading 14 per cent higher at Rs 350, with around 400,000 shares changing hands on the NSE and BSE, so far.