Hindustan Zinc turns volatile after announcing weak Q3 results

Hindustan Zinc rose 0.79% to Rs 140 at 15:18 IST on BSE after net profit fell 24% to Rs 1811 crore on 11% decline in revenue to Rs 3385 crore in Q3 December 2015 over Q3 December 2014.

The result was announced during market hours today, 21 January 2016.

Meanwhile, the S&P BSE Sensex was down 124.78 points or 0.52% at 23,937.26.

On BSE, so far 1.56 lakh shares were traded in the counter as against average daily volume of 60,942 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.9% at the day's high of Rs 141.55 so far during the day. The stock lost as much as 2.01% at the day's low of Rs 136.10 so far during the day. The stock had hit a record high of Rs 190.40 on 19 February 2015. The stock had hit a 52-week low of Rs 117.20 on 25 August 2015.

The large-cap company has equity capital of Rs 845.06 crore. Face value per share is Rs 2.

Hindustan Zinc's earnings before interest, taxation, depreciation and amortization (EBITDA) declined 30% to Rs 1469 crore in Q3 December 2015 over Q3 December 2014, primarily on account of lower LME prices and impact of newly levied contribution to the District Mineral Foundation of Rs 84 crore, Hindustan Zinc said in a statement.

Hindustan Zinc's bottom line was impacted due to lower other income (non-operational income) during the quarter. Other income declined 32% to Rs 554.67 crore in Q3 December 2015 over Q3 December 2014.

Hindustan Zinc is a subsidiary of Vedanta (formerly known as Sesa Sterlite), a part of London listed Vedanta Resources plc, a global diversified natural resources company. The company is one of the largest integrated producers of zinc-lead and a leading producer of silver. As per the shareholding pattern, Vedanta holds 64.92% stake and the Government of India holds 29.54% stake in Hindustan Zinc as at 30 September 2015.

Powered by Capital Market - Live News