Lanco Infratech Limited (LITL) on last Saturday informed the bourses that Reserve Bank of India (RBI) has directed the company’s lead bank, IDBI Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016.
The stock was trading lower by 7.6% at Rs 2.17 per share at 0931 hours IST on BSE. It hit a 52-week low value of Rs 2.17 in Monday’s trading session.
The stock has underperformed BSE Small-cap and Nifty Infrastructure over a period of one year. Its closest peers are GE Power India and Techno Electric & Engineering Company.
Lanco Infratech Limited (Lanco) is an independent power producer, which has operations in the fields of engineering, procurement, and construction (EPC), power, solar, natural resources and infrastructure.
Stock View:
Lanco Infratech Ltd is currently trading at Rs 1.94, down by Rs 0.41 or 17.45% from its previous closing of Rs 2.35 on the BSE.
The scrip opened at Rs 2.26 and has touched a high and low of Rs 2.28 and Rs 1.91 respectively. So far 12002960(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 778.81 crore.
The BSE group ‘B’ stock of face value Rs 1 has touched a 52 week high of Rs 5.61 on 20-Jul-2016 and a 52 week low of Rs 2.25 on 16-Jun-2017. Last one week high and low of the scrip stood at Rs 2.9 and Rs 2.25 respectively.
The promoters holding in the company stood at 58.52 % while Institutions and Non-Institutions held 20.29 % and 21.19 % respectively.
The stock is currently trading below its 200 DMA.
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