|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||291.00 - 309.75|
|52 Week Range||116.05 - 328.40|
|Beta (5Y Monthly)||0.81|
|PE Ratio (TTM)||18.32|
|Forward Dividend & Yield||42.60 (14.32%)|
|Ex-Dividend Date||Oct 27, 2020|
|1y Target Est||N/A|
India's Hindustan Zinc Limited plans to set up a smelter in the western state of Gujarat, it said on Wednesday, potentially increasing the company's zinc refining capacity by a third. Hindustan Zinc, which is majority owned by Vedanta, signed a memorandum of understanding (MoU) with the state government of Gujarat to set up a zinc smelter with annual capacity of 300,000 tonnes. The company, which has annual zinc refining capacity of 917,000 tonnes, expects to start producing zinc at the smelter by the 2024 financial year, a company spokeswoman said, adding that the facility would be its second largest.
Collapsing demand for zinc caused by the novel coronavirus will swamp supply cuts from major producers Peru and India this year and leave the market with a massive surplus that will weigh on prices of the material used to galvanise steel. This has pushed benchmark zinc prices down about 18% this year to around $1,920 per tonne. "With zinc you have a big demand problem and unless you see far more cuts in supply we are still expecting a healthy surplus this year," said Colin Hamilton, analyst at BMO Capital Markets.
Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd, will take over as interim CEO. Venkatakrishnan, who was previously CEO of South African miner AngloGold Ashanti Ltd, took over as Vedanta chief in 2018 amid a rebound in metal prices.