Lanco Infratech was locked at 5% upper circuit at Rs 9.85 at 11:52 IST on BSE, with the stock extending Monday's 5% rally triggered by the company reporting lower net loss in Q1 June 2014.
Meanwhile, the S&P BSE Sensex was up 26.59 points or 0.1% at 26,417.55.
On BSE, so far 18.62 lakh shares were traded in the counter as against average daily volume of 15.35 lakh shares in the past two weeks.
The stock hit a low of Rs 9.60 so far during the day. The stock had hit a 52-week high of Rs 14.94 on 23 May 2013. The stock had hit a 52-week low of Rs 5 on 28 August 2013.
Shares of Lanco Infratech have rallied 10.05% in two trading sessions from Rs 8.95 on 14 August 2014, after the company on 16 August 2014 reported lower net loss in Q1 June 2014 compared to net loss in Q1 June 2013. The stock had surged by the maximum permissible level of 5% to settle at Rs 9.39 on Monday, 18 August 2014.
Lanco Infratech posted a consolidated reported net loss of Rs 306.30 crore in Q1 June 2014, lower than net loss of Rs 578.80 crore in Q1 June 2013. Gross revenue before eliminations declined 8% to Rs 2670 crore in Q1 June 2014 over Q1 June 2013.
Adjusted EBITDA (ex forex) rose 7% to Rs 701.20 crore in Q1 June 2014 over Q1 June 2013.
Lanco Infratech's adjusted net worth stood at Rs 3855 crore at end June 2014.
Lanco Infratech after market hours on 13 August 2014 said that it has sold its Udupi Power Plant to Adani Power at a deal valued at more than Rs 6000 crore. The Lanco Udupi power plant has already signed with Karnataka Government for further expansion of 1,320 megawatts (MW). The imported coal based thermal power plant of Lanco in Udupi, which supplies 90% of the power generated to Karnataka and 10% to Punjab, is the first independent power project in the country based on 100% import coal with a captive jetty of 4 million tons per annu and an external coal handling system in the new Mangalore Port Trust. The capacity can be, if required, expanded to handle another 4 million ton capacity, Lanco Infratech said in a statement.
For Lanco Infratech, this transaction will support the company in reducing its debt and will enable Lanco to receive about Rs 2000 crore as cash and additionally, Adani Power will take Udupi Power's long-time debt of around Rs 4000 crore, Lanco Infratech said in a statement.
Lanco Infratech is one of the India's largest integrated infrastructure developers with presence across five sectors viz. EPC, power, natural resources, solar and infrastructure.
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