Heard on the Street: Lanco Infratech
Investors flocked to Lanco Infratech scrip, pushing it up 5% after promoter L Madhusudan Rao and his family added to their holding from the open market in the recent past.
By ET Bureau | Updated:
Lanco up 5% on promoter buying
Investors flocked to Lanco Infratech scrip, pushing it up 5% after promoter L Madhusudan Rao and his family added to their holding from the open market in the recent past, as it indicated confidence on their part about the company’s pending $3.5-billion court case in Australia.
The case involves Lanco subsidiary Griffin coal’s supply contract to a urea manufacturer. “Promoters know best where the case is heading. So if they are buying the stock, there must be some good news in store,” said an analyst. The stock topped volume charts on the BSE with over 46 lakh shares changing hands, apart from the 2.2 crore shares traded on NSE. It touched a monthly high of Rs 17.1, before closing at Rs 16.5, or 5% higher.
Contributed by Nihar Gokhale
Investors flocked to Lanco Infratech scrip, pushing it up 5% after promoter L Madhusudan Rao and his family added to their holding from the open market in the recent past, as it indicated confidence on their part about the company’s pending $3.5-billion court case in Australia.
The case involves Lanco subsidiary Griffin coal’s supply contract to a urea manufacturer. “Promoters know best where the case is heading. So if they are buying the stock, there must be some good news in store,” said an analyst. The stock topped volume charts on the BSE with over 46 lakh shares changing hands, apart from the 2.2 crore shares traded on NSE. It touched a monthly high of Rs 17.1, before closing at Rs 16.5, or 5% higher.
Contributed by Nihar Gokhale
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