Lanco Infratech Limited : Lanco Infra jumps after Australia's apex court rules in favour of Griffin
12/28/2012| 08:04am US/Eastern
Lanco Infratech jumped 6.78% to Rs 13.38 at 10:08 IST on BSE after the company said that the Supreme Court of Australia pronounced a judgement in favour of Griffin Coal Mining Company, a subsidiary of the company.
The announcement was made during trading hours today, 24 December 2012.
Meanwhile, the BSE Sensex was up 45.76 points, or 0.24%, to 19,287.76.
On BSE, 51.10 lakh shares were traded in the counter as against an average daily volume of 45.45 lakh shares in the past one quarter.
The stock hit a high of Rs 12.53 and a low of Rs 13.39 so far during the day. The stock had hit a 52-week high of Rs 25.10 on 17 February 2012. The stock had hit a 52-week low of Rs 8.95 on 2 January 2012.
The stock had underperformed the market over the past one month till 21 December 2012, rising 1.70% compared with the Sensex's 4.23% rise. The scrip had also underperformed the market in past one quarter, falling 8.81% as against Sensex's 2.61% rise.
The mid-cap company has an equity capital of Rs 240.78 crore. Face value per share is Re 1.
Lanco Infratech announced that the Supreme Court of Western Australia in its judgement has allowed Griffin Coal Mining Company (GCMC), a subsidiary of Lanco Infratech, to enter into revised coal supply agreement (CSA) with the Griffin Power entities, which is in process of being acquired by Japanese consortium of Sumitomo Corp and Kansai Electric Power Company.
The Supreme Court of Western Australia has rejected the contention of Perdaman Chemicals and Fertilisers (PCFL), Lanco said in a statement.
Commenting on the development, L Madhusudhan Rao, Executive Chairman, Lanco Infratech, said, 'The revised CSA will result in a gain of approximately 150 million Australian dollars (AUD) in net present value (NPV) terms, including a substantial upfront payment to Griffin Coal Mining Company.'
Lanco Infratech through its Australian subsidiary, Lanco Resources Australia, acquired Griffin Coal Mining Company and Carpenter Mine Management for 702 million AUD in February 2011. Last year Griffin produced over 3 million tonne of coal, the company said.
Lanco Infratech reported a consolidated net loss of Rs 135.93 crore in Q2 September 2012, lower than net loss of Rs 259.48 crore in Q2 September 2011. Net sales rose 67.7% to Rs 3164.18 crore in Q2 September 2012 over Q2 September 2011.
Lanco Infratech is one of India's largest integrated infrastructure developers. It is one of the largest private sector IPPs in India having an operating capacity of 4,740 MW with another 4,636 MW under various stages of execution. This includes projects based on coal, gas, hydro, solar, and wind.