Lanco Infratech rallied 9.11% to Rs 4.79 at 15:16 IST on BSE on reports that the Lanco Group has shortlisted four players for selling its power business.
Meanwhile, the S&P BSE Sensex was down 126.46 points or 0.47% at 26,631.06
On BSE, so far 22.11 lakh shares were traded in the counter as against average daily volume of 4.73 lakh shares in the past one quarter. The stock hit a high of Rs 5.06 and a low of Rs 4.28 so far during the day. The stock had hit a 52-week high of Rs 7.78 on 6 January 2016. The stock had hit a record low of Rs 2.46 on 25 August 2015. The stock had underperformed the market over the past one month till 9 June 2016, rising 2.57% compared with Sensex's 4.18% rise. The scrip also underperformed the market in past one quarter, falling 20.9% as against Sensex's 7.94% rise.
The small-cap company has equity capital of Rs 274.93 crore. Face value per share is Re 1.
Reports indicated that Tata Power Company, JSW Energy and Piramal Enterprises are among those who are interested in buying Lanco Group's power assets. A meeting of the joint lenders forum is scheduled to meet in the next few days to take a decision on the sale of the power business of Lanco Group. As per reports, Lanco Group, has power assets of about 8,000 megawatts (MW), and is seeking about Rs 4.50 crore per MW while buyers are bidding at about Rs 3 crore per MW. Lanco Group's power business' enterprise value is pegged at Rs 45000 crore inclusive of debt, reports suggested.
Lanco Infratech reported consolidated net loss of Rs 200.71 crore in Q4 March 2016, higher than net loss of Rs 586.29 crore in Q4 March 2015. Net sales fell 7.4% to Rs 2044.74 crore in Q4 March 2016 over Q4 March 2015.
Lanco Infratech is one of the India's largest integrated infrastructure developers in India. The company has subsidiaries and divisions across a synergistic span of 5 business verticals viz. engineering, procurement and construction (EPC), power, natural resources, solar and infrastructure.
Powered by Capital Market - Live News
