Hindustan Zinc Ltd on Monday joined the elite club of companies that have seen their market capitalization soar past Rs.1 lakh crore on the exchanges.
At 1:50pm, the Vedanta group firm saw its market capitalisation touch Rs.11,0069.56 crore with its shares trading at a record high of Rs.262.80, up 12.7% from previous close, showed data from BSE.
The stock gained in nine out of 11 trading sessions and rose over 20% in this period. So far this year it has gained 100%.
In June quarter, the company posted a net profit of Rs.1,036.86 crore, down 46.56% from Rs.1940.14 crore a year ago while total income fell 25.46% to Rs.3,140.74 crore.
Of the analysts covering the stock, 20 have a “buy” rating, five have a “hold” rating, while four have a “sell” rating, shows Bloomberg data.
On 5 August, CNBC TV reported that Vedanta may raise offer for government stake in Hindustan Zinc. As of June quarter, Vedanta holds 64.92% stake while government has 29.54% stake in the Hindustan Zinc.
Nearly two-thirds of the 30 BSE Sensex companies have a market capitalization of Rs.1 trillion, while one-third of the are valued at more than Rs.2 trillion, according to data from BSE.
TCS is India’s most valuable company with a market capitalization of Rs.4.75 trillion, followed by RIL and HDFC Bank Ltd atRs.3.55 trillion and Rs.3.27 trillion, respectively.