Lanco Infratech stock slipped on Tuesday on account of profit booking after the scrip surged in Monday's trading session. The infrastructure conglomerate declared on Monday that it settled the claims of AUD 3.5 bn initiated by Perdaman Chemicals against Griffin Coal, a hundred percent subsidiary of Lanco.
Lanco has agreed to pay Perdaman an amount of AUD 7.5 million plus legal costs to be taxed by the Court, without admission of any of the allegations of Perdaman.
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.
The stock is down on account of profit booking after surging in yesterdays trading session. The stock is trading at Rs. 11.15 down by 0.50 or 3.8% on the National Stock Exchange at 12:05PM. The stock hit a high of Rs.11.90 and a low of Rs. 11.05. Total traded volume at the counter stood at 61 lakh as against a five day average of 96.15 lakhs.
India Infoline News Service / 08:59, Aug 25, 2014
The outlook is a flat start. The BankNifty has given a breakout but many of the large caps are remaining in a range keeping the main indices under pressure.