Hindustan Zinc

HZL was sitting on cash and equivalents worth Rs 20,665 crore at the end of FY22

Vedanta

The plan was pushed through even after government officials refused to approve it, they said, adding the government is trying to nudge Hindustan Zinc to withdraw the proposal

DIPAM Secretary Tuhin Kant Pandey

The government is likely to sell a part of its residual stake in Hindustan Zinc Ltd by next month to help it achieve the revised sell-off target of Rs 50,000 crore for the current fiscal, DIPAM Secretary Tuhin Kanta Pandey said on Thursday.
For the coming fiscal, the government has lined up strategic stake sales in companies like HLL Lifecare, PDIL, Shipping Corporation and BEML to meet the similar disinvestment target set in the 2023-24 Budget.
The government currently holds a 29.54 per cent stake in Hindustan Zinc or HZL. In 2002, it sold 26 per cent of HZL to the mining billionaire Anil Agarwal-led group.
Vedanta group later bought 20 per cent from the market and another 18.92 per cent from the government in November 2003, raising its ownership to 64.92 per cent in HZL, which is the world's second-largest integrated Zinc producer and sixth-largest silver producer globally.
The government on Wednesday lowered the disinvestment target for the current fiscal (2022-23) to Rs 50,000

Commenting on results, HZL CEO Arun Misra said that the company delivered the best-ever nine months of refined metal mark on the back of the highest mined metal

Vedanta group firm Hindustan Zinc on Monday said its mined metal output registered a marginal rise of one per cent to 2,54,000 tonnes in the third quarter of the current fiscal.
The company's mined metal production was 2,52,000 tonnes in the year-ago period.
In a statement, the company said that the mined metal production stood at 254kt in the third quarter of the current fiscal "driven by higher ore production and marginally down QoQ (Quarter-on-Quarter) due to overall mined metal grades."
Its refined metal production at 2,57,000 tonnes declined two per cent during the period under review.
Hindustan Zinc's integrated zinc production during the third quarter dropped by two per cent to 2,10,000 tonnes.
"Refined lead production was at 46kt, down one per cent YoY," it said.
Hindustan Zinc is an integrated producer of zinc, lead and silver. The company has its headquarters at Udaipur in Rajasthan where it has its zinc lead mines and smelting complexes.

HZL CEO Sunil Duggal

For FY23, the Indian economy clocked a growth rate of 7.2%. In the previous financial year (FY22), India had seen 9.1% GDP growth

Economic growth, GDP

Business Standard

Nine months after Agarwal announced the chip partnership to build India's "own Silicon Valley," the project is yet to find a technology partner or license manufacturing-grade technology

Anil Agarwal

Bloomberg

The fiscal deficit for the last financial year narrowed to 6.4% from a year earlier. It also met the budget gap target, aided by buoyant tax receipts and some fiscal headroom from lower payments

Fiscal Deficit

Stocks to watch on May 31, 2023: From Adani Ports to Sun Pharma, here are top stocks to watch in Wednesday's trading session

market, stocks, stock market trading, stock market

Stock market live updates: At 7:15, the SGX Nifty futures were down around 30 points at 18,680

stock markets

Wrong end of the curve: YTM of most scheme categories 15-65 bps lower at the end of April

Rupee, bonds market, funds

Inverse correlation between net equity MF inflows, market performance

BSE, stock market, sensex

The initial public offering (IPO) market has yet to benefit from the gains in the secondary market in recent months. The IPOs of IKIO Lighting and JG Chemicals may hit the market next month

markets

We expect high single-digit to low double-digit returns for equities in CY23, with preference for mid-caps over large-caps, Jitendra Gohil, director, global investment management at Credit Suisse

Jitendra Gohil, Credit Suisse | Photo Credit: Kamlesh Pednekar

Here is the best of Business Standard's opinion pieces for today

investments, mutual funds

Says this would enable in reduction of pending cases at DRTs and enhance recovery for banks

Finance Ministry

Sebi need not get into the business of regulating the platforms offering fractional ownership rights in real estate

Illustration

When trust is broken and management is dehumanised, there are no winners in the end

labourers, migrant labourers, labour law

The ex-Wayanad MP said that before we decided to start the 'Bharat Jodo Yatra,' we knew that normal tools used in Indian politics would not work anymore

Rahul Gandhi

India has witnessed a significant transformation in several areas since 2014 and will emerge as a key driver for Asian and global growth, says a Morgan Stanley research report on Wednesday.
India of today, the report said, is different from what it was in 2013.
"In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said.
India, according to the report, "will emerge as a key driver for Asia and global growth."
On the skepticism about India, particularly with overseas investors, who say India has not delivered its potential -- despite it being the second-fastest growing economy and among the top-performing stock markets over the past 25 years -- and that equity valuations are too rich, it said, such a view ignores the significant changes that have taken place in India, especially since 2014.
The report highlighted the 10 big changes, including supply-side policy reforms, formalisation o

Indian market, indian economy, consumer sentiment

Press Trust of India

The 27th meeting of the WMCC was attended by the Joint Secretary (East Asia) from the External Affairs Ministry, who led the Indian delegation

India China

IANS

The Telangana state government on Wednesday launched the Telangana State Anti-Narcotics Bureau and the Telangana State Cyber Security Bureau

Data Protection, cybersecurity, digitisation, security

Morgan Stanley's report on how India under Prime Minister Narendra Modi has transformed and gained a position in the world order in less than a decade is the "best and sharpest indictment" of the Congress-led UPA's "lost decade between 2004 and 2014", Union Minister Rajeev Chandrasekhar said on Wednesday.
Speaking to PTI, he said the report reminds Indians how the Congress-led UPA had in 2014 left "a shattered economy". Nine years later, India has emerged as one of the fastest-growing economies in the world with record FDI, the minister said.
"This report that says how India is transformed in less than a decade under Prime Minister Narendra Modi is in my opinion the best and sharpest indictment of the UPA's lost decade between 2004 and 2014," he said.
In the report, Morgan Stanley said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in India, especially since 2014.
Rejecting criticism that India has not

Rajeev Chandrasekhar

The government has extended the tenure of Atul Verma as the Director General of the Competition Commission of India (CCI) for three months.
The Director General (DG) office is the investigation arm of the fair trade regulator.
According to an official order, the competent authority has approved the extension of the deputation of Atul Verma as Director General of CCI for a period of three months beyond May 31.
CCI is probing various anti-competitive cases, including those relating to technology companies.

Competition Commission of India

Concerned about Jharkhand's low credit-deposit ratio at 45 per cent, the state-level bankers' committee on Wednesday decided to take it to 50 per cent by the quarter ending September 2023 of the current fiscal.
The SLBC was headed by Bank of India Managing Director and CEO Rajneesh Karnatak.
"All banks are committed to the economic growth of Jharkhand...There is a plan for improving the CD ratio. This year, it has improved by 6 per cent on a year-on-year basis. There are individual credit plans for all the banks, including 12 per cent for the Bank of India (BoI)," Karnatak said.
The credit-deposit ratio in the state was recorded at 45.07 per cent on March 31, 2023, as against 42.37 per cent by the end of the previous fiscal, registering an increase of 6.37 per cent.
According to the RBI guidelines, the CD ratio can be much higher and can reach 77-78 per cent but the reason for the state's low credit to deposit proportion is "primarily due to absence of manufacturing here though ...

HZL

Hindustan Zinc turns into a net debt firm for first time in 20 years

Govt planning to oppose Hindustan Zinc's proposal to buy Vedanta assets

Govt to sell some stake in Hindustan Zinc by next month: DIPAM secy

Hindustan Zinc Q3 net profit drops 20% to Rs 2,156 cr on higher expenses

Hindustan Zinc Q3 mined metal production marginally rises to 254,000 tonnes

Our silver output will double in 5 yrs: Sunil Duggal