Lanco Infratech (LITL) climbed on Monday after the supreme court of Western Australia in its judgement has allowed the Griffin Coal Mining Company (GCMC), a subsidiary of Lanco Infratech (Q,N,C,F)* 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 Co.
Commenting on the development, L Madhusudhan Rao, executive chairman, Lanco Infratech, said, "The revised CSA will result in a gain of approximately AUD 150 Mn in NPV terms, including a substantial upfront payment to Griffin Coal Mining Company Pty Ltd."
Shares of the company are trading at Rs 13.32, up Rs 0.79, or 6.30% at the Bombay Stock Exchange (BSE) on Monday at 11:54 a.m.
The scrip has touched an intra-day high of Rs 13.64 and low of Rs 12.75. The total volume of shares traded at the BSE is 6,117,943.
In the earlier session, the shares declined 2.34%, or Rs 0.3, at Rs 12.53. Currently, the stock is trading down 46.93% from its 52-week high of Rs 25.10 and above 48.83% over the 52-week low of Rs 8.95.
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