Hindustan Zinc rose 3.66% to Rs 137.40 at 10:20 IST on BSE on reports the government on Monday, 20 January 2014, decided to sell its residual stake in Hindustan Zinc in an open market auction.
Meanwhile, the BSE Sensex was up 79.14 points, or 0.37%, to 21,284.19.
On BSE, so far 3.81 lakh shares were traded in the counter, compared with an average volume of 1.59 lakh shares in the past one quarter.
The stock hit a high of Rs 141.80 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 136.80 so far during the day. The stock hit a 52-week low of Rs 94 on 2 August 2013.
The stock had underperformed the market over the past one month till 20 January 2014, falling 1.60% compared with the Sensex's 0.59% rise. The scrip had also underperformed the market in past one quarter, falling 0.75% as against Sensex's 1.54% rise.
The large-cap company has an equity capital of Rs 845.06 crore. Face value per share is Rs 2.
More From This Section
According to reports, the decision taken by the cabinet committee on economic affairs (CCEA), is expected to fetch the government about Rs 21000 crore.
As on 31 December 2013, the government held a 29.54% stake in Hindustan Zinc that is controlled by London-listed Vedanta Resources Plc. Vedanta Group controlled Sesa Sterlite held 64.92% stake.
Hindustan Zinc's net profit rose 7% to Rs 1723 crore on 9% growth in net sales to Rs 3410 crore in Q3 December 2013 over Q3 December 2012.
Hindustan Zinc, a Vedanta Group company in zinc-lead-silver business, is India's only and the world's largest integrated producer of zinc.
Powered by Capital Market - Live News