Hindustan Zinc News

Around 30 per cent or Rs 2,400 crore may go to the Centre contributing to its non-tax revenues for the fiscal, reported PTI.

The Cabinet Committee on Economic Affairs (CCEA) approved the sale of 124.9 crore shares government holds in the zinc producer which was sold to mining mogul Anil Agarwal's Sterlite Industries in 2002.

Vedanta Group firm Hindustan Zinc (HZL) on Wednesday announced a special dividend of Rs 13,985 crore for 2016-17, taking the aggregate amount paid by it for the fiscal to Rs 27,157 crore, the largest such payout by any company in the country.

Metals and mining conglomerate Vedanta will invest USD 10 billion in 3-4 years on expanding business across verticals, company's Chairman Anil Agarwal said.

 Shares of Hindustan Zinc surged up to 14 percent today after the company announced that it will pay highest ever dividend of Rs 10,141 crore, including Rs 3,000 crore to the government, to its shareholders for the 2015-16 fiscal.

Mining conglomerate Vedanta has set aside more than Rs 20,500 crore towards investment in oil and gas and zinc business in Rajasthan over the next three years.

Volatile stock markets may compel government to go slow in diluting PSU stocks in the stock market, said Finance Minister Arun Jaitley

Hindustan Zinc has approved the appointment of its Chief Executive Officer Akhilesh Joshi as the President of Vedanta Group's global zinc business, while Deputy CEO Sunil Duggal has been named to succeed him.

The firm, in which billionaire Anil Agarwal-led Vedanta has a majority stake, added that closure of zinc mines across the world has led to a stronger price outlook for the metal in the medium term.

Vedanta Group firm Hindustan Zinc Monday reported a 6.2 percent growth in its net profit at Rs 1,997 crore for the quarter ended March 31, 2015.

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 rival Rio Tinto or BHP Billiton.

The government is unlikely to sell its residual stake in Hindustan Zinc and Balco in the current fiscal as it looks at ONGC and Coal India disinvestments to meet the current year's target.

Weeks after government-appointed valuers visited the sites of Hindustan Zinc and Balco, Vedanta Resources Chairman Anil Agarwal on Friday discussed with Finance Minister Arun Jaitley issues related to residual stake sale in the erstwhile state-owned firms.

The company, in which Vedanta Resources has the majority stake, had clocked Rs 1,640 crore PAT during July-September quarter of the last fiscal.

The government owns 29.5 percent of Hindustan Zinc and 49 percent of BALCO.

International rating agency Fitch today downgraded Anil Agrawal promoted Vedanta's credit rating to 'BB' from BB+ with a stable outlook and then withdrew its ratings.