Hindustan Zinc is trading flat at Rs 163 (adjusted to dividend) on the National Stock Exchange (NSE) after the stock turned ex-dividend for Rs 24 per share today. On Tuesday, the stock closed at Rs 187 on the NSE and BSE.
Hindustan Zinc has been on an uptrend since it hit a 52-week low in August last year. In seven months, it is up about 70 per cent and it hit a 52-week high of Rs 199.80 on intra-day basis last Thursday.
Hindustan Zinc's announcement of a special dividend is credit positive for Vedanta Resources as it staves off some of the refinancing pressure with respect to the latter's debt maturities in the fiscal year ending 31 March 2017, ratings agency Moody's
Even as base metal prices remain weak, putting pressure on non-ferrous stocks, the Street is bullish on Hindustan Zinc. The stock, which saw lows in August due to weak sentiments and falling zinc prices, has rebounded.
In a significant change in Hindustan Zinc, Sunil Duggal, the current Deputy CEO will take over as CEO and Whole-time-Director of Hindustan Zinc from October 1. 2015 and the current CEO Akhilesh Joshi will take over as President – Global Zinc
The government’s stakes in Hindustan Zinc Ltd (HZL)-Bharat Aluminium Company Ltd (Balco), Axis Bank, Larsen & Toubro (L&T), and ITC have been part of its disinvestment plans for years, though hardly ever has any sale been carried out.
After years of not being able to sell its residual stake in Anil Agarwal-promoted Hindustan Zinc and Balco, the central government is once again pushing for a resolution to the matter and hopes a proposed amendment in the Prevention of Corruption Act
A Supreme Court order last week has come as a major boost for compulsory purchase of renewable energy even though it is likely to increase the power costs for an industry dependent on captive power generation.
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