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Thursday, 20 October 2016

Hindustan Zinc jumps 5 percent on rise in net profit for Sept quarter

Shares of Hindustan Zinc Ltd jumped nearly 5% in Thursday’s trade after they reported a sequential rise in net profit for the Sept quarter. Sequential top line stood at 38% and bottom line stood 83% on higher volumes and metal prices. Following the earnings numbers, the stock jumped 4.75% to hit a high of Rs. 475 on BSE.

The company said the cost of production per million tonne of zinc before royalty stood at Rs. 54186 cr for the quarter , which was 8% higher than last year’s quarter. This was because of lower average grades caused by a change in mining mix, higher mine development and planned lower production, Hindustan Zinc said.

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