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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 yesterday’s 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 / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.