Lanco Infratech strengthens as large power project achieves financial closure (08-Sep-2010)
The company made the announcement during trading hours today, 9 September 2010.
Meanwhile, the BSE Sensex was up 93.39 points, or 0.50% at 18,760.10.
On BSE, 1.48 lakh shares were traded in the counter as against an average daily volume of 6.14 lakh shares in the past one quarter.
The stock hit a high of Rs 71.05 and a low of Rs 69.40 so far during the day. The stock had hit a 52-week high of Rs 74.70 on 24 August 2010 and a 52-week low of Rs 40.80 on 5 February 2010.
The large-cap stock had underperformed the market over the past one month till 8 September 2010, rising 2.23% as compared to the Sensex's return of 2.88%. It had also underperformed the market in the past one quarter, gaining 12.13% as compared to the Sensex's return of 12.33%.
The company has an equity capital of Rs 240.78 crore. Face value per share is Rs 1.
The project, estimated to cost Rs 6,930 crore, would be financed with a debt of Rs 5,544 crore and equity of Rs 1,386 crore. A consortium of fourteen banks and financial institutions with ICICI Bank in the lead are providing the debt required for the project, Lanco Infratech said in a statement.
Lanco Infratech's consolidated net profit surged 68.1% to Rs 194.69 crore on 3.1% fall in net sales to Rs 2125.53 crore in Q1 June 2010 over Q1 June 2009.
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