Shares of Lanco Infratech today skyrocketed by over 17 per cent as the company's arm Lanco Kondapalli Power has entered into power purchase agreements with electricity distribution companies of Telangana and Andhra Pradesh.
The stock advanced 17.19 per cent to settle at Rs 3.75 on BSE. During the day, it surged 20 per cent to Rs 3.84.
On NSE, shares of the company jumped 17.18 per cent to Rs 3.75.
On the volume front, 28.69 lakh shares of the company were traded at BSE and over 1 crore at NSE during the day.
"Lanco Kondapalli Power Limited, one of the step-down subsidiaries of Lanco Infratech, entered into PPAs with Telangana and Andhra Pradesh discoms on September 23 and September 24, respectively aggregating 1,108 mw, to operate at 50 per cent plant load factor under the gas pooling mechanism for the period October 1, 2015 to March 31, 2016 at Rs 4.70 per unit," the company had said in a release on Friday.
The engineering, procurement and construction orderbook of Lanco, including power and solar projects, stands at Rs 28,158 crore.
The financial closure of the cost overrun proposals of the above projects will enable the execution of majority of this orderbook within the next two years.
