Hindustan Zinc stock ends 2% up on govt stake sale approval

Trimming most of its early gains, shares of Hindustan Zinc today settled 2 per cent higher as the Cabinet Committee on Economic Affairs (CCEA) approved the sale of the government's residual stake in the company.
After surging 6.97 per cent to Rs 141.80 -- its 52-week high on the BSE in intra-day trade -- HZL's stock finally ended at Rs 135.20, up 2 per cent.
On the NSE, the scrip settled at Rs 135.50, up 1.80 per cent from its previous close.
In terms of volume, 8.52 lakh shares of the company changed hands on the BSE, while over 49 lakh shares were traded on the NSE.

The CCEA had yesterday approved the sale of the government's residual stake in Hindustan Zinc (HZL), currently valued at about Rs 16,500 crore, ending months of uncertainty on the issue.
The government sold a majority stake in the nation's largest zinc maker to Anil Agarwal-led Vedanta Resources in 2002. It continues to hold a 29.5 per cent stake in the company, which Vedanta sought to acquire.
With a market capitalisation of Rs 56,006 crore, the government's stake in HZL is valued at Rs 16,521.77 crore.