Vedanta Group company, Sesa Sterlite reported a better-than-expected consolidated net profit of Rs 1,588 crore in the December quarter mainly because of a Rs 393-crore foreign exchange gain and due to lower finance cost.
Banking on Modi government's determination to go ahead with disinvestment drive, Vedanta Resources chief Anil Agarwal said the company expects to pick up residual stakes in Hindustan Zinc and BALCO at "market driven value" soon.
Mining baron Anil Agarwal is mulling merging cash-cows Cairn India and Hindustan Zinc into his flagship Vedanta group firm to create a global natural resources giant to rivals Rio Tinto or BHP Billiton.
The finance ministry is likely to postpone its planned sale of residual stake in Hindustan Zinc Limited (HZL) and Bharat Aluminium Company (Balco) to next financial year, as a delay in the valuation process and an earlier observation by the Supreme Court
Despite a lower year-on-year mined metal production, Hindustan Zinc, a Vedanta Group company, posted better-than-expected results in the September quarter mainly because of higher zinc prices on London Metal Exchange.
The Supreme Court judgment on Monday terming all coal mines allotted between 1993 and 2010 as "illegal" is likely to have a negative impact on Tata Power and Sesa Sterlite and Hindustan Zinc (HZL), the Vedanta group companies.
The government's stake sale in Hindustan Zinc seems to be stuck due to valuation issues. Sources close to the development said while a new valuer has been appointed, it could take at least three-four months, if not more, to submit its report.
With the Vedanta group set to bid for the Union government's residual stake in Hindustan Zinc (HZL) and Bharat Aluminium (Balco), and the Odisha government assuring bauxite to its Lanjigarh aluminium project, the tide is finally turning for Anil Agarwal,
Finance Minister Arun Jaitley on Friday said the government will sell 10 per cent stake each in Hindustan Aeronautics (HAL) and Rashtriya Ispat Nigam Limited (RINL) and 5 per cent in Steel Authority of India (SAIL) in the current financial year.
The Supreme Court today dismissed a petition challenging the then NDA government's decision in 2012 to sell its stake in Hindustan Zinc Ltd (HZL) to Vedanta Group and imposed a cost of Rs 25,000 on the petitioner for filing a "frivolous" plea.
Although it is not known how the government would offload its 29.54 per cent stake in Hindustan Zinc Limited (HZL), analysts believe the downside for the stock is limited, adding investors should hold on as the company's prospects remain stable.
The Finance Ministry has started the process for fresh valuation of Hindustan Zinc Ltd (HZL), seeking to push through a long-pending sale of the government's residual stake in the company in the current financial year.