Lanco Infratech surged 3.57% to Rs 13.34 at 15:07 IST on BSE, with the stock extending 2-day 5.57% rally triggered by the company entering into a memorandum of understanding with the China Development Bank to raise $2 billion debt.
Meanwhile, the BSE Sensex was up 349.49 points or 1.85% at 19191.57.
Meanwhile, the BSE Sensex was up 349.49 points or 1.85% at 19191.57.
On BSE, 50.15 lakh shares were traded in the counter as against average daily volume of 43.19 lakh shares in past one quarter.
The stock hit a high of Rs 13.40 and a low of Rs 12.45 so far during the day. The stock had hit a 52-week high of Rs 25.10 on 17 February 2012. The stock had hit a 52-week low of Rs 8.50 on 19 December 2011.
The stock had outperformed the market over the past one month till 27 November 2012, surging 10.95% compared with the Sensex's 1.16% rise. The scrip had also outperformed the market in past one quarter, jumping 15.63% as against Sensex's 6.58% surge.
The mid-cap company has equity capital of Rs 240.78 crore. Face value per share is Re 1.
Shares of Lanco Infratech (LITL) have jumped 9.43% in three trading sessions from a recent low of Rs 12.19 on 23 November 2012, after the company during trading hours on 26 November 2012 said it has entered into a memorandum of understanding (MoU) with the China Development Bank (CDB), to arrange $2 billion debt for the company's two power projects in India. LITL said it has entered into a MoU with the CDB, a bank owned by the government of Peoples Republic of China, to arrange $2 billion debt for LITL's two power projects i.e. Anpara Phase II and Himawat, each having capacity of 2x660 megawatts (MW) with supercritical boiler technology. Out of the total amount of $2 billion required to be raised, $600 million will be contributed by CDB, and CDB will syndicate the balance from Chinese banks and FIs, LITL said in a statement.
CDB has already sanctioned $200 million Buyers' Credit for Amarkantak 3 & 4, Babandh and Vidarbha power projects being developed by Lanco Group. CDB is the largest Chinese development banking institution and one of the leading international bank with total assets exceeding $1.1 trillion (September 2012).
Lanco Infratech is one of the largest private sector independent power producers (IPP) in India having an operating capacity of 4,740 MW with another 4,636 MW under various stages of execution. This includes projects based on coal, gas, hydro, solar and wind. The company has a target of holding 13,000 MW operating capacity by 2015. The company has an engineering, procurement, and construction (EPC) order book of Rs 28500 crore.
