Hindustan Zinc, a leading Vedanta Resources Group firm has informed that it has clocked substantial dip of 15.21% in its standalone net profit for the quarter ended June 2009.
The company has ascribed this decline in net profit to lower sales and sharp rise in operating cost.
Omaxe, one of the major real estate developers, has informed that its arm Omaxe Infrastructure and Construction (P) won an order worth Rs 907.10 million from Hindustan Zinc.
The proposed contract has been awarded for the improvement and construction of township for the new zinc smelter plant located at Dariba, Udaipur..
Country's top zinc producer, Hindustan Zinc Ltd has raised zinc prices by 0.92 per cent to Rs 1,20,100 per tonne with immediate effect.
While, Lead prices were increased by 1.2 per cent to Rs 1,39,700 a tonne.
Two days earlier, the company had lowered zinc and lead prices to reflect a fall in global rates. The price of zinc was cut by Rs 8,300, or 6.5%, to Rs 119,000 ($2,932) a metric ton. While the company has reduced prices of lead by Rs 11,500 a ton, or 7.7%, to Rs 1,38,100.
Hindustan Zinc can be purchased by day traders in today’s trading session around Rs 624 with a stop loss of Rs 620 for achieving an intraday target of Rs.632.
If the stock markets remain on positive track, the next intraday target for the day is Rs 641.
The company’s shares closed at Rs 619.60 on Friday on BSE. The share price has seen a 52-week high of Rs 969 and a low of Rs 510.
The stock has much potential to go up to the target price as the company has good growth outlooks considering its projects under implementation and forceful growth plans.