Lanco Infra shares zoom 18 as unit settles litigation by Perdaman Chemicals

At NSE,the scrip jumped 18 per cent to Rs 12.40.

According to a release issued by Lanco,the Australian coal miner has agreed to pay Perdaman a nominal amount of AUD 7.5 million,plus legal costs to be taxed by the Court,without admission of any of the allegations of Perdaman.

Lanco is in a legal battle with Australia8217;s Perdaman Industries,which filed an AUD 3.5 billion around Rs 19,600 crore as per latest exchange rate lawsuit against Lanco in Australia in 2011,alleging non-compliance with coal supply pact for the company8217;s upcoming urea plant in Western Australia.

This settlement was reached pursuant to the rules of Supreme Court of Western Australia,which allows for early and cost effective resolution of such claims,the release said.

Rally in the stock outperformed the sluggish stock market where the BSE benchmark Sensex was trading at 19,313.36,up 26.64 points at 1142 hrs.