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Dhwani Mehta made post

Why was there so much of buying interest in the stock of BF Utilities on 14 July in the markets?

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Khushi Patel answered.
3 weeks ago

BF Utilities, a not so actively traded stock, was up 10% on 14 July after it was reported that D-Mart owner Radhakishan Damani had bought more than 1% stake in BF Utilities during the quarter. As of June, Radhakishan Damani held 1.3% representing 491,000 equity shares of BF Utilities. The counter has seen huge trading volumes in the last couple of days.

BF Utilities belongs to the Kalyani Group of Pune. In tandem with the surging interest in BF Utilities, the trading day also saw a sharp spike in another group company, BF Investment. In fact, BF Investments also surged by 19% during the day, although the actual reason for the rally could not be exactly ascertained. It could be a case of bandwagon rally.