Shares of Lanco Infratech breached their upper circuit in the early trade on Tuesday after the company on Monday announced that its subsidiary Lanco Solar Private Limited signed a landmark agreement with Chhattisgarh Government to bring Chhattisgarh on the global silicon map. As per the MOU inked with the Chhattisgarh Government, Lanco Solar will set up 100 MW solar cell manufacturing plant.
The share price of the company soared 19.89 per cent to Rs 6.39 per cent in the early trade. Shares of Lanco Infratech closed at Rs 5.33 on Monday.
For the integrated solar PV manufacturing project which re-started in July 2015, Lanco Infratech has already done an investment of Rs 1,200 crore to manufacture Poly-Silicon Refining and Wafer Plant and 150 MW module plant. The Project is being set up at a 250 acre SEZ location in Rajnandgaon, Chhattisgarh under the National Solar Mission objective of achieving domestic PV cell production of 2200 MW/year and the Make in India Programme of the Government of India. The salient feature of the project is that it has already approved and committed water and power availability and all clearances for land and its usage.
The share price of the company has touched a 52 week high of Rs 7.24 on Feb 28, 2015 and a 52 week low of Rs 2.46 on Aug 25, 2015.
In the past one year, the share price of the company plunged 20.56 per cent to Rs 5.33 on November 23. The share price of the copmany was at Rs 6.71 on November 24 last year. Sensex declined 9 per cent during the same period.
The company on Monday also posted a consolidated net profit of Rs 98.98 crore in the second quarter of the current fiscal after three years, due to tax reimbursements and favourable power tariff order.
The firm posted a loss of Rs 527.48 crore in the same period last year, Lanco Infratech Ltd (LITL) said in BSE filing.
According to the statement, the company earned profits on the consolidated basis after a gap of three years.
Lanco Infratech is the leading integrated infrastructure conglomerate with global footprints having business verticals viz. EPC, Power, Solar, Natural Resources and Infrastructure.