Vedanta has a 55 percent stake in Sesa Sterlite, which holds a 65 percent stake in HZL. Earlier this week, the Cabinet Committee on Economic Affairs approved the sale of the government's stake in HZL , currently valued at over Rs 16,500 crore. It sold a majority stake in the nation's largest zinc maker to Vedanta in 2002. The decks for the sale were cleared following the Attorney General's view that there would be no problem in offering the stake through an auction since HZL is no longer a public sector company.
The sale might help the government garner more than the budgeted Rs 14,000 crore from the sale of its residual stakes in companies in the current financial year. It may also help the government to meet its fiscal deficit target of 4.8 percent for the year. The mining conglomerate had taken the approval of its shareholders last year to make offers of up to Rs 21,637 crore for buying stakes in HZL.
Hind Zinc stock price
On January 23, 2014, Hindustan Zinc closed at Rs 133.00, down Rs 2.6, or 1.92 percent. The 52-week high of the share was Rs 141.80 and the 52-week low was Rs 94.00.
The company's trailing 12-month (TTM) EPS was at Rs 17.01 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.82. The latest book value of the company is Rs 76.39 per share. At current value, the price-to-book value of the company is 1.74.
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