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Lanco Infratech drops after Monday's rally

Capital Market/ 12:27 , Apr 30, 2013

Lanco Infratech lost 3.71% to Rs 11.17 at 12:29 IST on BSE, with the stock sliding after Monday's 10.37% rally triggered by the settlement of a litigation for a claim of AUD 3.5 billion by Perdaman Chemicals against Griffin Coal and Lanco Group.

Meanwhile, the S&P BSE Sensex was down 3.07 points or 0.02% at 19,384.43.

On BSE, 13.11 lakh shares were traded in the counter as against average daily volume of 21.98 lakh shares in the past one quarter.

The stock hit a high of Rs 11.90 and a low of Rs 11.06 so far during the day. The stock had hit a 52-week low of Rs 10.10 on 4 March 2013. The stock had hit a 52-week high of Rs 16.78 on 6 July 2012.

The stock had outperformed the market over the past one month till 29 April 2013, surging 11.65% compared with the Sensex's 2.93% rise. The scrip had, however, underperformed the market in past one quarter, declining 8.73% as against Sensex's 3.02% fall.

The small-cap company has equity capital of Rs 240.78 crore. Face value per share is Re 1.

Shares of Lanco Infratech had rallied 10.37% to settle at Rs 11.60 on Monday, 29 April 2013, after the company during trading hours on Monday, 29 April 2013 said the litigation for a claim of AUD 3.5 billion by Perdaman Chemicals against Griffin Coal and Lanco Group in the Supreme Court of Western Australia is now at an end. Lanco has agreed to pay Perdaman Chemicals (Perdaman) a nominal amount of AUD 7.5 million plus legal costs to be taxed by the Court, without admissions of any of the allegations of Perdaman, Lanco Infratech said in a statement. This settlement was reached pursuant to the rules of Supreme Court of Western Australia, which allows for early and cost effective resolution of such claims, Lanco Infratech added.

Lanco Infratech said that this outcome will have a positive impact on the entire group, and especially for Griffin Coal, a 100% subsidiary of Lanco. The company will reinforce its focus on its business and mining operations in Western Australia, including the proposed expansion of the Collie mine and the enhancement of the export facilities at the Bunbury port, Lanco Infratech said in a statement.

It may be recalled that Perdaman had filed an AUD 3.5 billion lawsuit against Lanco in Australia in 2011, alleging non-compliance with coal supply pact for the company's upcoming urea plant in Western Australia.

Lanco Infratech reported consolidated net loss of Rs 464.64 crore in Q3 December 2012, as against net profit of Rs 60.92 crore in Q3 December 2011. Net sales rose 15% to Rs 3469.35 crore in Q3 December 2012 over Q3 December 2011.

Lanco Infratech is one of India's largest integrated infrastructure developers. The company operates in five core sectors viz. EPC, power, natural resources, solar and infrastructure.

 



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