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Last Updated : Dec 09, 2019 04:54 PM IST | Source: Moneycontrol.com

BF Utilities, Kalyani Investment, BEML shares rally 4-10% as BJP ahead in Karnataka bypolls

Kalyani Group of Companies are BF Utilities, Bharat Forge, BF Investment and Kalyani Investment Company.

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Shares of Bengaluru-based companies such as BEML, Kalyani Group, among others rallied 1-10 percent on December 9 as Bhartiya Janata Party retained its majority in Karnataka bypolls.

BF Utilities was locked in 10 percent upper circuit at Rs 335.60 on the BSE while Bharat Forge was up 1.14 percent at Rs 446.25.

BF Investment was up 3.34 percent at Rs 350.75, Kalyani Investment Company up 2.02 percent at Rs 1,645.50 and BEML climbed 5.51 percent to Rs 1,034.90.


The ruling BJP retained majority in the Karnataka Assembly when it bagged six seats in the byelections in which it was also leading in an equal number in other segments where counting is underway.

The BJP's good show in 12 seats comes as a morale booster for the saffron party after its setback in Maharashtra.

If BJP wins in the other six constituencies it is leading in, the party's numbers will go up from 105 to 117, which is well ahead of the halfway mark of 111 in a 223-member Assembly (two seats are vacant due to pending litigation in the High Court).

BEML, a Miniratna-Category-1, is a Bengaluru-based PSU company and manufactures rail coaches & spare parts and mining equipment. It is also in the list of governments' divestment programme and so as BJP retained majority in Karnakaka bypolls, it could be in the priority list of divestment candidates.

The company has partially disinvested and presently Government of India owns 54 percent of total equity and rest 46 percent is held by public, financial institutions, foreign institutional investors, banks and employees.

The Nandi Infrastructure Corridor Enterprises Road (NICE Road) or Bengaluru–Mysore Infrastructure Corridor (BMIC) is a 6 lane private tolled expressway and connects two important cities Bengaluru and Mysore in Karnataka.

The road project constructed by Nandi Infrastructure Corridor Enterprises (NICE) chaired by Ashok Kheny on a build-own-operate-transfer (BOOT) basis. The NICE comprises the Kalyani Group of Companies, VHB International and SAB International to develop the Bangalore Mysore Infrastructure Corridor, as per information available on wikipedia.

Kalyani Group of Companies are BF Utilities, Bharat Forge, BF Investment and Kalyani Investment Company.

Kalyani Group held 55.99 percent stake in BF Utilities and of which 16.45 percent is held by Kalyani Investment Company, 3.15 percent by BF Investment and 0.01 by percent Ashok Kumar Kheny.

Kalyani Group owns 73.60 percent stake in Kalyani Investment Company and 73.38 percent in BF Investment.

BF Utilities earlier operated in two business segments – infrastructure business and investment business. BFUL has undergone business restructuring by way of a Composite Scheme of Arrangement and under the said business restructuring, the infrastructure business has remained with company and investment business has been transferred to BF Investment.


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First Published on Dec 9, 2019 04:54 pm
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