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Hindustan Zinc stock climbs nearly 8% amid reports govt likely to sell residual stake via OFS

Shares of Hindustan Zinc closed higher today amid media reports which said government was likely to sell residual stake in the company through an offer for sale (OFS) if the Supreme Court favours the decision.

twitter-logo BusinessToday.In        Last Updated: September 26, 2019  | 18:40 IST
Hindustan Zinc stock climbs nearly 8% amid reports govt likely to sell residual stake via OFS
As per media reports, the government is looking for an early resolution of Hindustan Zinc case in the Supreme Court.

Shares of Hindustan Zinc closed higher today amid media reports which said government was likely to sell residual stake in the company through an offer for sale (OFS) if the Supreme Court favours the decision.

Hindustan Zinc stock climbed 7.5% to touch an intraday high of Rs 217 on BSE. Hindustan Zinc stock ended higher than 5-day moving averages but lower than 20, 50, 100 and 200-day moving averages

The stock has lost over 27% in the last year.

As per media reports, the government is looking for an early resolution of Hindustan Zinc case in the Supreme Court. Currently, the government holds 29.5% stake in Hindustan Zinc, while Vedanta holds 64.92% stake. If the stake sale materialises, it can fetch as much as Rs 25,000 crore to the government.

Media reports suggested that the government is targeting to raise Rs 50,000 crore from asset monetisation in the current fiscal and has set up a panel under Cabinet Secretary for asset monetisation.

Volume-wise, shares amounting to 5 lakh and 102 lakh changed hands on BSE and NSE, by the closing bell. Shares of Hindustan Zinc closed 6.3% higher at Rs 214.40 on BSE today.

By Rupa Burman Roy

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