Lanco Infratech is trading higher 4% at Rs 13.50 in otherwise weak market in morning trades after the Supreme Court passed orders staying the orders of the Wakf Tribunal and also a division bench of Andhra Pradesh (AP) High Court which prevented the company from selling the properties in its township to third parties.
“In 2005, Lanco had obtained around 100 acres of land through international competitive bidding organized by the AP government at Rs 4.27 crore an acre for its Rs 5,000 crore township project,” the report suggests.
A combined 2.5 million shares have changed hands on the counter in opening deals on both the exchanges.