Hindustan Zinc profit dips 3% to Rs 935 cr

The company said its net profit in the July-September period stood at Rs 935 crore, compared with Rs 960 crore last year. Sales in the same period grew 2.6% to Rs 1,790 crore.

“The positive impact of higher volume operational efficiencies, lower input cost and rupee depreciation on net profit was more than offset by a sharp decline in the by-product credit realisations,” said Hindustan Zinc in its statement.
Shares of HZL fell 1.6% to Rs 868, in line with the broader market index, which was down 1.2%.

During the second quarter, zinc and lead mined metal production totalled 192,517 tonne, in line with the rated capacity, said the HZL statement. During the same period, zinc and lead refined metal production was 152,226 tonne, an increase of 14%, compared with the previous year.

Sales during the quarter rose due to the sale of 22,359 dry tonne of surplus zinc and 21,000 dry tonne of surplus lead concentrate. Saleable silver production during the second quarter was 30,324 kilograms, an increase of 40% over last year.

On future plans, Hindustan Zinc said work at its 210,000 tonne zinc smelter and the 100,000-tonne lead smelter project site at Rajpura Dariba are “progressing well and are on schedule for completion by mid-2010”. Work at the mining projects at Rampura Agucha, Sindesar Khurd and Kayar are also on schedule for progressive commissioning from mid-2010 onwards, it added.
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Zinc remains up in futures trade on global cues

New Delhi, Oct 7 Zinc prices today rose up to 0.50 per cent on the Multi Commodity Exchange as traders enlarged their positions, supported by overnight gains at London Metal Exchange on signs of recovery in global economy amid weakening US currency. Firming trends in global equity markets also influenced the base metal prices.
At the MCX, zinc for delivery in November gained 0.39 per cent at Rs 89.25 per kg, in a turnover of 427 lots. The October contract for metal also gained 0.39 per cent at Rs 89.25 per kg, clocking a turnover of 26 lots. Market analysts said firming trend in copper and other industrial metals on hopes of pick up in demand after signs of economic recovery and weakening US dollar against basket of currencies mainly attributed rise in zinc prices at futures market here. Besides, firming trend in spot markets on the back of good demand from consuming industries also supported the rise, they said. Meanwhile, zinc prices shot up by 2.30 per cent to USD 1,915 per tonne at LME in yesterday&aposs trade.
http://www.indopia.in/India-usa-uk-news/latest-news/681753/Business/4/20/4