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Hindustan Zinc share rises 7% on board's nod to raise Rs 4,000 crore

Hindustan Zinc stock gained 7.07% to the intraday high of Rs 222.75 against the earlier close of Rs 208.05 on BSE. On NSE, it rose by 7% to Rs 222.90

twitter-logoBusinessToday.In | September 23, 2020 | Updated 15:38 IST
Hindustan Zinc share rises 7% on board's nod to raise Rs 4,000 crore
The highly volatile stock today opened at Rs 210, and also touched an intraday low of Rs 207.80 earlier in the session

Shares of Hindustan Zinc Ltd (HZL) were trading 7% higher on Wednesday after the company said its board-constituted panel has approved plan to raise up to Rs 4,000 crore through non-convertible debentures. The proposal is pursuant to the approval of the board of directors in its meeting held on July 21.

Hindustan Zinc stock gained 7.07% to the intraday high of Rs 222.75 against the earlier close of Rs 208.05 on BSE. On NSE, it rose by 7% to Rs 222.90.

The highly volatile stock today opened at Rs 210, and also touched an intraday low of Rs 207.80 earlier in the session.

Hindustan Zinc stock price has gained 2.42% in the last 2 days of consecutive rise. The stock has risen 0.83% since the beginning of the year. The stock hit a new 52-week high of Rs 258.80 on August 11, 2020, and a 52-week low of Rs 122, on March 13, 2020.

Market capitalisation of the firm stood at Rs 89,344.37 crore. Hindustan Zinc share price trades higher than 100 and 200-day moving averages but lower than 5, 20 and 50-day moving averages.

"The duly authorised committee of directors...considered and approved offering for subscription on a private placement basis, up to 40,000 unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) of a face value Rs 10,00,000 each," HZL, the subsidiary of Vedanta Ltd said in a regulatory filing on BSE.

It added that the fundraising would aggregate up to Rs 4,000 crore, including the option to retain oversubscription of up to Rs 1,000 crore.

For the April-June quarter, Hindustan Zinc reported net profit of Rs 1,359 crore as compared to a profit of Rs 1,765 crore in the corresponding quarter previous year. The company reported a 20% YoY de-growth in revenues to Rs 3,989 crore for Q1FY21 compared to revenues of Rs 4,987 crore for Q1FY20.

EBIDTA for the quarter stood at Rs 1,576 crore down 36.4% YoY, while EBIDTA margins contracted by 987 bps to 40.4%.

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