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Jun 20, 2012, 02.55 PM IST
Shares of Hindustan Zinc, world’s largest integrated producer of zinc and lead, surged as much as 7% to intraday high of Rs 124.60 on Wednesday as CNBC-TV18 reported quoting sources that empowered group of ministers will meet today to discuss about stake sale in Hindustan Zinc and BALCO.
Shares of Hindustan Zinc , world’s largest integrated producer of zinc and lead, surged as much as 7% to intraday high of Rs 124.60 on Wednesday as CNBC-TV18 reported quoting sources that empowered group of ministers will meet today to discuss about stake sale in Hindustan Zinc and BALCO.
Sterlite Industries , a subsidiary of Vedanta, had bought a part of the government’s stake in Hindustan Zinc for around Rs 750 crore in 2003. Currently Sterlite holds 64.92% stake in the company and government holds 29.5%. Sterlite had also bought 51% stake in BALCO for Rs 551 crore in 2001 and the rest of the stake holds by government. Recently, Vedanta Resources offered to pay Rs 16,000 crore to purchase the stake of the government in Hindustan Zinc (HZL) and Bharat Aluminium Company (BALCO).
At 14:52 hours IST, the share was trading at Rs 121.50, up 4.34%. Market capitalisation of the company currently stands at Rs 51,337.63 crore.
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