Meanwhile, the BSE Sensex was down 49.92 points or 0.26% at 19,436.88.
On BSE, 44.78 lakh shares were traded in the counter as against average daily volume of 49.27 lakh shares in past two weeks.
The stock hit a high of Rs 15.10 and a low of Rs 14.37 so far during the day.
Shares of Lanco Infratech (LITL) had rallied 19.85% in eight trading sessions to settle at Rs 14.61 on Thursday, 6 December 2012, from a recent low of Rs 12.19 on 23 November 2012.
LITL said that on 1 December 2012, Madhya Pradesh Electricity Regulatory Commission (MPERC) had approved the procurement process and price for long term power procurement by Madhya Pradesh from Power Trading Corporation (PTC) to be sourced from Lanco Amarkantak thermal power station. Lanco is operating the 2x300 megawatts (MW) Lanco Amarkantak power plant in Chhattisgarh. This is Lanco Group's first domestic coal based plant, using coal from nearby mines of South Eastern Coalfields (SECL). Earlier, power supply to Madhya Pradesh from the plant could not commence due to certain disputes in the power purchase agreement (PPA) signed in 2005. The longstanding imbroglio has been recently resolved with Madhya Pradesh Power Management Company (MPPMC) (representing the state discoms), PTC, and Lanco coming together to reach a settlement, LITL said in a statement.
A settlement agreement was concluded on 16 October 2012 among the MPPMC, PTC and Lanco which market an end to the litigations at various forums and paved the way for commencement of supply of 300 MW from Lanco Amarkantak Unit 1 to Discoms of Madhya Pradesh through PTC/MPPMC on long-term basis as per CERC regulations with fuel as passthrough. In a related development, on 30 November 2012, the state government of Madhya Pradesh also withdrew the debarment imposed previously, thus enabling Lanco Group companies to participate in all government projects in the state with immediate effect, LITL said in a statement.
For Lanco, it not only assures offtake of power in the long run but also satisfies the pre-requisite to receive linkage coal from SECL via long term fuel supply agreement (FSA) as per the recent policy of Ministry of Coal and CIL, LITL said. Further, the revised PPA provides for a pass-through of energy (fuel) charges, and also enables Lanco to procure alternate fuel supplies such as e-Auction or imported coal in case of short-supply from SECL and receive the fuel charge at actuals, the company said in a statement.
Supply of power to Madhya Pradesh Discoms through PTC from the 300 MW Unit 1 of Amarkantak power station has started effective 3 December 2012, LITL said.
LITL in November 2012 said it has entered into a memorandum of understanding (MoU) with the China Development Bank (CDB), a bank owned by the government of Peoples Republic of China, to arrange $2 billion debt for the company's two power projects i.e. Anpara Phase II and Himawat, each having capacity of 2x660 megawatts (MW) with supercritical boiler technology. Out of the total amount of $2 billion required to be raised, $600 million will be contributed by CDB, and CDB will syndicate the balance from Chinese banks and FIs, LITL said in a statement.
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.
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