Lanco Infratech shares surge nearly 6 pc at BSE

MUMBAI: Diversified group Lanco Infratech's shares today closed nearly six per cent on bourses amid the company's announcement of formal termination of a coal supply pact with Perdaman Industries.

After a firm opening, the stock closed up by 5.88 per cent at Rs 17.10 a piece on the BSE. Intra-day, it zoomed by 8.66 per cent to Rs 17.55 a piece.

Similarly, the scrip settled 7.45 per cent higher at Rs 17.30 on the NSE, after spurting to a high of 9.31 per cent during the day.

Lanco Infratech today said it has formally terminated the coal-supply pact with Perdaman Industries even as the two are locked in legal battle in Australia.

Griffin Coal, acquired by Lanco for AUD 730 in March, has terminated the coal-supply agreement (CSA) with Perdaman Chemicals and Fertilisers for the latter's upcoming Collie urea plant in Western Australia.

Meanwhile, the BSE benchmark Sensex closed 1.59 per cent higher at 16,676.75.