Lanco Infratech gains after favorable order from electricity regulator

Lanco Infratech rose 2.63% to Rs 8.18 at 10:18 IST on BSE after the company said it has received favorable order from the Appellate Tribunal for Electricity in the matter of tariff determination for a power project unit in Chhattisgarh.

The announcement was made after market hours on Friday, 3 January 2014.

Meanwhile, the S&P BSE Sensex was down 37.72 points or 0.18% at 20,813.61.

On BSE, so far 4.55 lakh shares were traded in the counter as against average daily volume of 12.89 lakh shares in the past one quarter.

The stock hit a high of Rs 8.27 and a low of Rs 7.97 so far during the day. The stock had hit a 52-week high of Rs 15.22 on 9 January 2013. The stock had hit a record low of Rs 4.96 on 31 July 2013.

The stock had outperformed the market over the past one month till 3 January 2014, surging 31.09% compared with the Sensex's 0.02% fall. The scrip had also outperformed the market in past one quarter, jumping 45.44% as against Sensex's 4.77% rise.

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

Lanco Infratech said that the Appellate Tribunal for Electricity (APTEL) has passed its order in the matter of tariff determination for the second unit of Lanco Amarkantak Power Project in Korba district, Chhattisgarh.

As per the APTEL order, Amarkantak unit 2 shall be paid regulated tariff based on the actual capital cost of the project. This would result in sustainable and profitable operation of the project at full capacity, Lanco Infratech said in a statement.

Lanco Infratech reported a consolidated net loss of Rs 576.40 crore in Q2 September 2013, higher than net loss of Rs 135.93 crore in Q2 September 2012. Net sales declined 22.5% to Rs 2451.90 crore in Q2 September 2013 over Q2 September 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.

Powered by Capital Market - Live News