Lanco Infratech has surged after the news that it is close to deal on hiking coal prices at Australia mine.
According to reports, Lanco Infratech-owned Griffin Coal's threat to halt coal supply to the Bluewaters Power Station in Western Australia unless prices are revised upward seems to have worked, with sources close to the development indicating an agreement might be inked within a fortnight.
The sources said there could a price revision in favour of Lanco with respect to the supply contract with Australian firm Griffin Energy's Bluewaters Power Station, besides some upfront fee.
The stock is currently trading near the day's high at Rs 12.35, up 4%. The counter has seen trades around 3 million shares so far on the BSE and NSE.