Lanco Infra in the limelight

Lanco Infra is in the limelight today morning. It announced yesterday late evening that it has got a favourable order from the Supreme Court on October 16 for its subsidiary company Lanco Kondapalli Power Limited (LKPL). It dismissed the appeals filed by Andhra Pradesh Power Coordination Committee and AP DISCOMS and also upheld the orders passed by APTEL and APERC in favour LKPL.

This favourable Court ruling means it has become entitled for the reimbursement of income tax of Rs. 175 crore paid by it for the financial years 2001 to 2012 with interest, after adjusting adhoc amount of Rs.70 crore already received.

The market is enthused that over the past few days there have been some string of good news coming from the company. It had earlier announced that its lenders had approved almost 30% ovevrruns for its four power projects. It had also stated that the Supreme Court allowed Coal India to supply fuel for its 300 MW plant at Amarkantak, with PowerGrid setting up the transmission link.

The stock is up over 5% at Rs.5 with a 52-week high of Rs.8.07. Market cap stands at Rs.1270 crore.