Lanco Infratech drops on profit booking

The announcement was made after market hours on Tuesday, 2 July 2013.

Meanwhile, the S&P BSE Sensex was down 170.51 points or 0.88% at 19,293.31.

On BSE, 3.18 lakh shares were traded in the counter as against average daily volume of 12.92 lakh shares in the past one quarter.

The stock hit a high of Rs 7.63 and a low of Rs 7.20 so far during the day. The stock had hit a record low of Rs 6 on 13 June 2013. The stock had hit a 52-week high of Rs 16.78 on 6 July 2012.

The stock had underperformed the market over the past one month till 2 July 2013, sliding 19.29% compared with the Sensex's 1.5% fall. The scrip had also underperformed the market in past one quarter, declining 31.98% as against Sensex's 2.22% rise.

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 16.02% in four trading sessions to settle at Rs 7.53 on Tuesday, 2 July 2013, from a recent low of Rs 6.49 on 26 June 2013.

Lanco Infratech said its subsidiary Lanco Hills Technology Park has signed up with Apollo Health Street, which specializes in BPO and technology management services, for developing 80,000 square feet (sq. ft) of SEZ space for conducting IT/ITES operations which will go live from October 2013 and is expected to increase its operations further. Apollo Health Street is a group company of Sutherland Global Services.

Commenting on signing contract with Sutherland Global Services, Mr. D. V. Prasad, Vice President of Lanco Hills Technology Park said, "We have provided excellent infrastructure which is going to yield rich dividends to companies setting up their operations here in Lanco Hills Technology Park. It is in the IT hub of Hyderabad, Gachibowli, and will soon emerge as a destination of choice for most of the companies. Lanco Hills Technology Park is offering great infrastructural support and the location convenience to its clients. While Lanco is known for development of world class infrastructure, Sutherland Global Services is a global provider of BPO management services. This tie-up is not only boosting the growth of the region but will also create new employment opportunities".

Established in 1986, Sutherland Global Services is a global provider of business process and technology management services.

Lanco Hills Technology Park is developing large IT space, both in SEZ and non-SEZ zones. The development work is in full swing over entire 100 acres of land parcel.

Lanco Infratech reported consolidated net loss of Rs 31.59 crore in Q4 March 2013, as against net profit of Rs 72.75 crore in Q4 March 2012. Net sales rose 5.7% to Rs 3549.58 crore in Q4 March 2013 over Q4 March 2012.

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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