BF Utilities hit an upper circuit limit of 10% at Rs 563.05 on BSE after the company said it is evaluating corporate restructuring to enhance shareholders value.
The company made the announcement during trading hours today, 25 March 2014.
Meanwhile, the BSE Sensex ended almost flat at 22,055.21.
On BSE, so far 3.56 lakh shares were traded in the counter, compared with an average volume of 66,996 shares in the past one quarter.
The stock hit a low of Rs 516 during the day. The stock hit a 52-week high of Rs 669.70 on 13 January 2014. The stock hit a 52-week low of Rs 118.10 on 7 August 2013.
The stock had underperformed the market over the past one month till 24 March 2014, sliding 10.49% compared with the Sensex's 5.98% rise. The scrip had also underperformed the market in past one quarter, falling 5.89% as against Sensex's 4.86% rise.
The small-cap company has an equity capital of Rs 18.83 crore. Face value per share is Rs 5.
BF Utilities said that at its annual general meeting (AGM) held on 24 March 2014, a presentation was made on the working of the company and its subsidiary - Nandi Economic Corridor Enterprises (NECE). At the AGM, shareholders asked questions about the operations of the company and NECE, expressed their views and also made certain suggestions for enhancement of shareholders value.
During such discussions, a suggestion was made for corporate restructuring of the company and NECE. Respecting the views of shareholders, it was felt that the company should consider looking into all such possibilities and appoint merchant bankers/experts to evaluate the same. After receiving their feedback the board may consider such suggestions, the company said in a statement.
The company said it will share necessary information in this regards with the stock exchanges as and when such decision on restructuring is taken.
BF Utilities reported net profit of Rs 0.75 crore in Q1 December 2013 as against net loss of Rs 1.99 crore in Q1 December 2012. Net sales rose 3.1% to Rs 5.26 crore in Q1 December 2013 over Q1 December 2012.
BF Utilities constructs infrastructure projects.
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