While its windfall gains for mining districts, the new mining bill passed by Cabinet today can bring a dry spell across the metal space in the market. The mining bill to be tabled in the winter session of the Parliament, calls on coal miners to share the initial proposal of 26% of their profits to the local community.
However, in an interview to CNBC-TV18, Tarang Bhanushali of IIFL says this move is likely to bring negative impact to most mining companies. "Hindustan Zinc's EPS would be impacted by 8-9% by FY13. Sterlite would be impacted by 4-5%," he says. Cherry-picking into the metal sector, at the back of the news, Bhanushali picks Tata Steel and Hindalco as the top bets and sees no real impact on them. Below is a verbatim transcript of Tarang BhanushaliDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
