Lanco Infratech shares up 7 pct

Shares in Lanco Infratech rose more than 7.5 per cent after the company told a TV channel that the claim of contractual breach made by Australia-based Perdaman Industries in a A3.5 billion lawsuit is 8220;baseless8221;. . Seperately in a note Nomura said in a note the damages sought by Perdaman appeared unsubstantiated,and there is scope for both parties to settle. 8220;In our view,the sharp fall in Lanco8217;s stock price on Friday is an overreaction,8221; said the Japanese bank,which maintained its 8220;buy8221; rating and price target of Rs 51 on the stock. 8220;There is no impact of this lawsuit in our earnings forecast for Lanco.8221; At 12.31 p.m.,the stock was at Rs 24.15,up 4.32 per cent.