Shares of Lanco Infratech today settled with sharp gains, defying the sluggish stock market, after the company said an Australian court has dismissed multi-national Perdaman Industries' application seeking a restrain on the Indian group from mortgaging assets of Griffin Coal in future.
Following the announcement, Lanco Infratech's counter saw brisk buying and the scrip ended 6.25% higher at Rs 18.70 on the BSE.
During the day, the stock surged nearly 12% to touch a high of Rs 19.70. Similarly, on the NSE, the scrip closed at Rs 18.65, up 5.67% from the previous close.
In terms of volume, over 4 crore shares of the company changed hands on the bourses during the day.
Diversified group Lanco Infratech today said an Australian court has dismissed Perdaman Industries' application seeking a restrain on the Indian group from mortgaging assets of Griffin Coal in future.
Lanco, which snapped up Australia-based Griffin Coal for 730 Australian dollars (AUD) in March, is facing a AUD 3.5 billion lawsuit (about Rs 16,600 crore) by Perdaman.
Perdaman Chemicals and Fertilisers, whose parent company is Perdaman Industries, has filed the lawsuit as well as the injunction application against Lanco.
Perdaman had filed the AUD 3.5 billion-lawsuit against Lanco alleging non-compliance with coal supply pact for Perdaman's upcoming urea plant in Western Australia.
Meanwhile, the BSE benchmark index Sensex finished the day at 16,839.63, down 219.77 points after a volatile day of trade.