Kolte-Patil Developers surges 20% on heavy volumes

The stock is locked in upper circuit of 20% at Rs 100 on the BSE

Kolte-Patil Developers is locked in upper circuit of 20% at Rs 100 on the BSE after the rating agency CRISIL reaffirmed the credit rating for bank facilities, fixed deposits and non-convertible debentures as “FAA-/Stable” (pronounced as F double A minus rating with Stable outlook).

“The instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk,” CRISIL said in a release.

The trading volumes on the counter jumped more than 10-fold. A combined 905,901 shares changed hands and there were pending buy orders for 111,888 shares on the BSE and NSE till 01:47 pm.