HCC surges higher as Lavasa gets reprieve

MUMBAI: Shares of HCC were witnessing buying activity after Lavasa Corporation got some respite from the Ministry of Environment and Forests. According to the report Lavasa Corporation violated environmental laws while building the hill station.

The ministry has, however, not order demolition of the illegal construction. Instead it has suggested a heft penalty and creaction of a fund out of Lavasa’s pockets to restore the damage done.

The penalty should be in proportion to the size of the project and the revenue generated and should be in excess of Rs 100 crore.

Shares of HCC were at Rs 41.30, up 3.77 per cent on the NSE. It touched a high of Rs 42.15 and low of Rs 38.60 in trade so far. Around 82.61 lakh shares were traded in the counter.