Lanco surges on plan to shelve proposed mini cement plant

The company has decided to withdraw its proposal to set up a mini cement plant in Andhra Pradesh, with an estimated capital outlay of Rs 125 crore.

Lanco Industries has surged 17% to Rs 23.10 after the company said it has decided to withdraw its proposal to set up a mini cement plant in Andhra Pradesh.

“Considering the present market scenario of cement in Andhra Pradesh, the proposal for setting up of mini cement plant of 3,00,000 tonnes per annum (tpa) with rotary kiln, with an estimated capital outlay of Rs 125 crore, has been withdrawn” Lanco Industries said in a BSE filing.

“If the company considers the project at a later date, the same will be informed,” it added.

The stock opened at Rs 20.75 and touched high of Rs 23.45 on NSE. A combined 149,000 shares already changed hands on the counter so far against an average sub 50,000 shares that were traded daily in past two weeks on NSE and BSE.