Hindustan Zinc drops after decline in Q2 production

Hindustan Zinc lost 1.18% to Rs 159.25 at 13:07 IST on BSE after the company said its mined metal production declined 4% to 213 kt in Q2 September 2014 over Q2 September 2013.

The announcement was made during market hours today, 10 October 2014.

Meanwhile, the S&P BSE Sensex was down 200.47 points or 0.75% at 26,436.81.

On BSE, so far 40,000 shares were traded in the counter as against average daily volume of 81,000 shares in the past two weeks.

The stock hit a high of Rs 160.30 and a low of Rs 157.70 so far during the day.

Hindustan Zinc's mined metal production surged 30% to 213 kt in Q2 September 2014 over Q1 June 2014.

Hindustan Zinc said that the production is in line with the company's mine plan at Rampura Agucha of lower mined metal production in the first half of the year as it excavated more waste than ore and exposed the ore body by September, which will contribute to higher volumes in the second half of the year.

The company's integrated production of refined zinc, lead and silver increased sequentially in Q2 September 2014 though it was down from a year ago due to lower mined metal production and smelter shutdown, Hindustan Zinc said in a statement.

Hindustan Zinc's net profit declined 3% to Rs 1618 crore on 1% growth in revenue to Rs 2963 crore in Q1 June 2014 over Q1 June 2013.

Hindustan Zinc is one of the largest integrated producers of zinc-lead with a capacity of 1.0 million MT per annum and a leading producer of silver.

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