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Monday, January 11, 2016

Govt launches road safety week, allots Rs 11,000 cr to fix black spots

The Home Minister Rajnath Singh on Monday launched ‘Road Safety Week’ in the presence of the road transport & highways minister, Nitin Gadkari.

Speaking on the occasion, Singh called upon all stakeholders to play effective role in ensuring safety on roads. Expressing concern over about five lakh road accidents in the country every year in which about 1.4 lakh people lose their lives, Singh said that there is a need for proper training of drivers before they are issued driving licenses.

In his address Nitin Gadkari announced a number of measures to address the problem. He said that a website is being launched to help in identifying black spots where accidents take place frequently. Gadkari also announced that Rs 11,000 Crore are being earmarked in the next five years to fix black spots across the country.

Expressing concern over the way driving licenses are issued, Gadkari said that training schools are being opened and computers will be used for conducting driving tests. He also emphasized use of seat belts and helmets and appealed the people not to use mobile phones while driving. He added that airbags will be made compulsory in every car.

Gadkari also announced that a road safety authority will be constituted and road transport and safety bill will be placed shortly before Parliament. He asked people to take a resolve on road safety and bring down road accidents by 50 per cent in next five years.

The road safety week is organized every year to create awareness among general public to improve the safety on road and to give an opportunity to all stakeholders to contribute to the cause of road safety.

Govt to save $6 bn per annum by using LED bulbs by 2018

The Indian Government has said that its decision to switch over to LED bulbs by 2018 under the energy efficiency mission will result in saving of up to USD 6 billion per annum.

As per reports, under the Domestic Efficient Lighting Programme (DELP), nearly 4.59 crore LED bulbs have been distributed so far.

Commenting on the issue, Union Minister Piyush Goyal told the media, "When all the 71 crore conventional bulbs are replaced by LED bulbs it will result in a saving of 100 billion units of electricity."

"We have been able to procure LED bulbs for about Rs 73 per piece as of June, down from Rs 310 in February 2014, a reduction of 76 per cent" he added.

The minister further said that the LED programme was being implemented on a mission mode and the state-run Energy Efficiency Services Ltd (EESL), had been successful in bringing down the price of LED bulb to a quarter of what it was priced a year and a half ago.

Digital India effect: E-governance transactions double in 2015

Electronic transactions related to e-governance projects in the country have almost doubled in 2015, owing to the Digital India Programme, Telecom Minister Ravi Shankar Prasad said as per the PTI report.

"According to government website electronic transaction aggregation and analysis layer (eTaal), 3.53 billion transactions took place in 2014, which almost doubled in 2015 to 6.95 billion...This shows Indians' drive for technology," Prasad said while addressing i-bharat conference organised by Ficci.

ETaal is a portal under Communications and IT Ministry which disseminates e-transaction statistics of national and state level e-governance projects, including mission mode projects.

ETaal receives transaction statistics from web-based applications periodically on near real time basis and presents an analysis of transaction counts to give a quick view of transactions done by various e-governance projects.

"Indians have a great taste for technology. They first observe it, then adopt it and finally enjoy it. Indians by temperament are innovative," he added.

The minister said digital momentum in the country has begun, facilitated by programmes like Digital India.

Prasad said Digital India Programme has started bearing fruits, e-services have begun to pick up momentum and reaching the bottom of the pyramid, which is digitally empowering the people of the country.

Highlighting the progress of Digital India, Prasad said so far more than 12,000 rural post office branches have been linked digitally and soon payment banking would also become a reality for them.

The government also plans to make 'digital village' across the country, by linking all schemes with technology.

The 'digital village' would be powered by LED lighting, solar energy, skill development centres and e-services like e-education and e-health.

"To make this programme a success, District Collectors will have to play an important role," he said.

Prasad said the progressive policies and aggressive focus on 'Make in India' have played a significant role in the resurgence of the electronics manufacturing sector.

Tech Mahindra Results

Tech Mahindra Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 01, 2016, inter alia, to consider and approve:

1. the audited financial results of the Company for the third quarter and nine months ended December 31, 2015 (Q3); and

2. the audited consolidated financial results of the Company for the third quarter and nine months ended December 31, 2015.

ITC Ltd. - Q3 results on Jan 22, 2016

ITC Ltd has informed BSE that a Meeting of the Board of Directors of the Company will be held on January 22, 2016, inter alia, to consider and approve the Unaudited Financial Results of the Company for the Quarter and Nine Months ended December 31, 2015 (Q3).

Wonderla Holidays Lt - Board Intimation for Results & Closure of Trading Window

Wonderla Holidays Ltd has informed BSE that pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 and Company's internal Code for Prevention of Insider Trading, the Trading Window of the Company shall remain closed from January 12, 2016 to closing of business hours on February 12, 2016 in view of the Board Meeting scheduled to be held on February 10, 2016 for approval of unaudited Financial Results of the Company for the quarter ended December 31, 2015.

PI Industries - Commencement of Commercial Production

PI Industries Ltd has informed BSE that the Company has commenced the commercial production at its 3rd unit located at Sterling SEZ facility, Jambusar in State of Gujarat w.e.f. January 11, 2016.

Sintex Industries posts 10.42% growth in Q3 net profit

Sintex Industries announced that it has reported a 10.42 per cent growth in its net profit at Rs 158.57 crore for the third quarter ended December 31, 2015 as compared to Rs 143.60 crore for the third quarter ended December 31, 2014.

The total income of the company also rose by 32.98 per cent to Rs 1356.43 crore for the quarter under review as compared to Rs 1020.00 crore for the corresponding quarter of the previous year.

On the consolidated basis, the company has reported 11.15 per cent rise in its net profit after taxes, minority interest and share of profit of associates at Rs 180.10 crore for the quarter ended September 30, 2015 as compared to Rs 162.04 crore for the same quarter in the previous year.

Moreover, the total income (consolidated) increased by 11.54 per cent at Rs 2057.73 crore for quarter under review as compared to Rs 1844.77 crore for the quarter ended June 30, 2014.

Post Session: Indian markets resume sell-off on lingering China fears

Leading the decline on BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1156.05,-3.40%), Wipro Ltd. (Rs. 537.80,-3.27%), Adani Ports & Special Economic Zone Ltd. (Rs. 234.00,-3.13%), Bharat Heavy Electricals Ltd. (Rs. 149.75,-2.57%), Dr. Reddy's Laboratories Ltd. (Rs. 2942.50,-2.26%), among others.

Meanwhile, Reliance Industries Ltd. (Rs. 1051.55,+2.69%), Tata Motors Ltd. (Rs. 360.65,+2.04%), Maruti Suzuki India Ltd. (Rs. 4279.45,+1.51%), NTPC Ltd. (Rs. 141.65,+1.47%), ITC Ltd. (Rs. 316.00,+0.85%), were among top gainers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3076, shares advanced were 1294 while 1636 shares declined and 146 were unchanged.

On the global front, the Asian equities ended in red after China’s December inflation data disappointed traders, raising fresh fears over Asia’s biggest economy. China’s Shanghai Composite crashed over 5 per cent and Hang Seng tumbled nearly 3 per cent on weak Chinese data, signaling weak demand in the country’s economy.

MF investors pump in Rs 1.62 lakh cr in Apr-Dec FY'16

Investors have pumped in a whopping Rs 1.62 lakh crore into various mutual fund schemes in the first 9 months of the current fiscal, mainly in equity and money market categories.

In contrast, inflows worth Rs 87,942 crore were witnessed in the April-December period of last fiscal.

"Inflow has been across asset classes, but investors' participation in equity oriented funds is a positive thing for the industry," Quantum AMC CEO Jimmy Patel said.

Further, volatile markets have not dampened the spirits of investors who continue to pour money into equity funds, he added.

Mutual Fund (MF) is an investment vehicle that pools funds from many entities for investing in securities such as stocks, bonds, money market instruments and similar assets.

As per the latest data available with the Securities and Exchange Board of India, investors put in a net Rs 1,61,696 crore in mutual fund schemes during April-November period of 2015-16.

Yuan impact on Indian exports

According to media reports, the country’s Commerce and Industry Minister Nirmala Sitharaman has cautioned that a continued devaluation of the Yuan by China may come as a further blow for the country’s exporters already reeling under the effects of a global slowdown, weighing on the outlook for Asia’s third biggest economy.

Sitharaman warned that a weakening of the Yuan will make Indian exports more expensive in China, reducing their appeal, thus widening India’s trade deficit with the world’s second biggest economy. Moreover, Yuan’s devaluation may boost Chinese imports to India by making them cheaper, hurting domestic manufacturers.

“The depreciation of the Yuan is definitely going to make imported goods (from China) cheaper ... the fact is my deficit with China will (also) grow”, she said, the PTI reported.

Sitharaman’s comments come at a time when India’s exports have suffered twelve straight months of decline, plunging by 18.46 per cent to USD 174.3 billion, year on year in April-November 2015, a sign that India isn’t immune to the current bout of global volatility amid a faltering Chinese economy, disinflation risks and the start of the US Federal Reserve’s interest rate tightening cycle.

Bilateral trade between India and China was USD 72.3 billion in 2014-15 while the trade gap with China stood at USD 49 billion.

China’s central bank last week weakened the value of the Yuan to the lowest level since March 2011 in a bid to bolster exports and help combat a worsening economic slowdown. However, China’s sharp depreciation move rattled global markets, wiping out more than USD 4 trillion from equities worldwide this year, reigniting fears of a fresh global currency war and signaling heightened worries over the health of the Chinese economy.

Market Strategy - Jan 11 2016

8K Miles Software Services: The company registered a revenue growth of 21% in the quarter ending December. The Net Profit of the company stood at Rs. 11.3 crore in FY16 Q3 as compared to Rs. 8.7 crore in Q2 and Total Income at Rs. 74 crore FY16 Q3 Vs Rs. 61.1 crore in Q2.
Bharat Forge: Bharat Forge announced plans to set up an integrated auto component hub in Nellore, Andhra Pradesh at an investment of INR 1,200 crore. The project is likely to create 3,000 jobs.
Reliance Industries Ltd, ONGC: RIL has challenged the jurisdiction of the Justice A.P. Shah Committee and has decided not to cooperate in the resolution of the natural gas dispute with ONGC, reports a business daily.
Sobha Ltd: The real estate company has achieved new sales of 8.06 lakh square feet (sft) in third quarter of FY16 valued at INR 478.30 crore with an average realisation of INR 593.20 per sft.
Reliance Infrastructure: Birla Corp has emerged as the frontrunner to acquire Reliance Infrastructure's cement business, reports a business daily. Birla Corp is currently the only potential buyer engaged in advanced commercial negotiations with Anil Ambani-promoted Reliance Group, adds the financial newspaper.
Sintex Industries: The company has posted Q3 net profit at Rs. 1,800.97 mn for the quarter ended December 31, 2015 as compared to Rs. 1,620.38 mn for the quarter ended December 31, 2014.
Lanco Infratech: Lanco Infratech Ltd has that a Subsidiary of the Company, Lanco Kondapalli Power Limited has successfully declared Commercial Operations Date (COD) for its expansion capacity of 371 MW (Phase III B Project) with effect from January 09, 2016.
Hindustan Zinc Ltd: The company is planning to invest Rs. 8,000 crore in the next 3-5 years, according to reports.
Ashok Leyland Ltd: The company has received an order for 680 Vehicles and Spare Parts, worth US$ 50 mn. from the Ministry of Local Government, Public Works and National Housing, Government of Republic of Zimbabwe.
Ricoh India: The company has partnered with Siemens to offer digital lifecycle management software. 
Sterlite Tech: Sterlite Grid, India’s largest private developer of independent power transmission systems has received the Letter of Intent (LoI) to commission power evacuation infrastructure in Odisha for local power projects. 
IFCI: IFCI Ltd has reduced its benchmark rate, IFCI Benchmark Rate (IBR)" from 12% p.a. to 11.70% p.a. with monthly rests. 
Spice Mobility Ltd: Spice Mobility Ltd has announced that Spice Digital Limited (SDL) has acquired 22.54% equity stake in Sunstone Eduversity Private Limited, a Company incorporated for the purpose of engaging in the line of education business.
Glenmark Pharmaceuticals: Glenmark Pharmaceuticals S.A. (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals Ltd India, has announced the discovery and initiation of IND-enabling studies for a novel clinical development candidate, GBR 1342. 
Sun Pharmaceuticals: Sun Pharmaceuticals arm gets USFDA approval for generic of Naftin, as per media reports.
Ashoka Buildcon: The company has announced regarding the acquisition of stake in Jaora-Nayagaon Toll Road Company Private Limited. Ashoka Concessions Limited (ACL) has received transfer of 4,23,03,800 (which is 14.74% of share capital of JTCL) equity shares of Rs. 10 each fully paid up from SREI.
Inox Wind Ltd: Gujarat Industries Power Company Ltd has informed BSE that the company has issued Letter of intent (Lol) dtd. December 31, 2015 to Inox Wind Ltd., Noida, U.P. State, for installation of 26 MW Wind Energy Farm Project at Rojmal Site, Dist: Amreli, Gujarat, on EPC basis, with Operation & Maintenance Contract for twenty years. The said Wind Energy Farm Project is scheduled to be completed by December, 2016.
Virinchi Technologies Ltd: The Board of the company has approved the proposal to Lease the Building owned by M/s Virinchi Technologies Limited, situated at pothaipally, Hakimpet to M/s. Vivo Bio Tech Ltd on such terms and conditions as may be agreed, subject to approval of shareholders by postal ballot.
Results: Alankit, Excel Castronics, Genomic Valley Biotech,Jasch Industries, Mercury Metals, Siddha Ventures, Welcure Drugs & Pharmaceuticals and Yuvraaj Hygiene Products.
Global Data: Coming-of-Age DayJPY, ANZ Job Advertisements (Dec)AUD, M2 Money Supply (YoY) (Dec) CNY, New Loans (Dec) CNY, Industrial Output Cal Adjusted (YoY) (Nov) EUR, Real Retail Sales (YoY) (Dec)  CHF, Sentix Investor Confidence (Jan) EUR, Housing Starts s.a (YoY) (Dec) CAD, Labor Market Conditions Index (Dec) USD, Bank of Canada Business Outlook Survey CAD, 3-Month Bill Auction USD, 6-Month Bill Auction USD, Fed's Lockhart speech  USD, Bank lending (YoY) (Dec) JPY, Current Account n.s.a. (Nov) JPY, Trade Balance - BOP Basis (Nov) JPY
Trends in FII flows: The FIIs were net sellers of Rs. 12.36 bn in the cash segment on Friday. The domestic institutional investors (DIIs) were net sellers of Rs.10.04 bn as per the provisional figures released by the NSE.
Other news in the media:
Reliance Industries has disputed the one-man AP Shah Committee constituted by government to decide on the firm's KG gas dispute with ONGC, saying the panel has no legal basis and only arbitration can decide on such disputes, as per the contract. (BS)
Hindustan Zinc is planning to invest Rs80bn over the next 3-5 years to increase its ore and finished metal production. (ET)
Bharat Forge announced plans to set up an integrated auto component hub in Nellore in Andhra Pradesh and said it will invest Rs12bn and create 3,000 jobs. (ET)
Lanco Kondapalli Power Limited, a subsidiary of Lanco Infratech, has operationalised a 371 Mw unit of Kondapalli Power Project at Vijayawada in Andhra Pradesh. (BL)
Ashok Leyland Ltd has received a US$50mn worth order for vehicles and spare parts from the Government of Zimbabwe. (BS)
Ricoh India Ltd is planning to set up a data centre and business zones in India with an investment of around Rs3bn in the next two years. (ET)
DLF said that it would begin handing over flats in its 1,830-apartment residential complex in Bengaluru, after a division bench of the Karnataka High Court dismissed a public interest litigation against the project. (BL)
Maruti Suzuki will launch a compact sports utility vehicle Vitara Brezza next month. (BS)
IVRCL, has bagged two drinking water supply project contracts valued Rs3.5bn from Karnataka government agencies. (BS)
As many as 40 domestic and multinational financial giants, including Citigroup, Barclays and ICICI Bank, have sought to partner India Post for its upcoming payments bank, Union Minister said. (BS)
Indian companies raised a record Rs4,760bn in 2015 through private placement of corporate bonds to meet business needs amid weakness in the equity markets. (BL)
Gross earnings of South Eastern Railway (SER) in the first 9 months of this current fiscal has gone up by 8.76% to Rs91.7bn compared to its earnings in the same period last year. (ET)
Railway Minister described the Kolkata-New Delhi railway corridor as the most "congested" in the country and said collaboration with several countries is being done to revamp the network. (BS)
The Cabinet is likely to approve by the first week of February a new power tariff policy with focus on clean energy, better regulation of discoms and faster roll out of investments, Power Minister has said. (ET)

Gap down for the market today

Indian equity benchmarks are poised to open lower on Monday as markets in Asia succumbed to a severe sell-off as dismal China inflation data fanned further concerns over the health of the world’s second biggest economy, souring risk taking appetite. The CNX Nifty Index futures for January delivery fell by 0.58 per cent or 44 points at 7,560 at 10:26 am Singapore time, a sign that Dalal Street may witness a bearish opening today. Producer prices in China fell for a record 46th month on the trot in December while consumer inflation remained at about half of the government’s 2015 target, signaling further economic weakness in the country’s economy, making global investors jittery. Back home, traders will eye the start of the Q3 corporate earnings season with big names such as TCS, Infosys, Hindustan Unilever, Zee Entertainment and IndusInd Bank set to unveil their December quarter report cards this week. Further, the December consumer and wholesale inflation numbers, and the November industrial output data are due this week, with analysts expecting retail inflation to have accelerated to 5.6 per cent from 5.41 per cent in November 2015, and IIP growth to have slowed to 3.1 per cent from October’s five-year high of 9.8 per cent, on an annual basis. Sentiment this week will continue to be dictated by global developments with China remaining in focus, while movement of the rupee against the dollar and crude oil prices will also influence sentiment at domestic bourses. On Friday, the 30-share Sensex snapped a four-day losing streak, advancing by 82.5 points or by 0.33 per cent to end at 24,934.33 as the China rout that had sucked global financial markets on Thursday erasing as much as USD 4 trillion from equities worldwide last week, eased after the country’s officials scrapped a controversial market circuit breaker system and refrained from a further weakening of the Yuan. However, the Sensex plunged by 1,226.57 points or 4.68 per cent last week on concerns over heightened middle east tensions amidst the Saudi-Iran diplomatic row and worries over China.

Asian markets slid on Monday after China’s December inflation data disappointed traders, raising fresh fears over Asia’s biggest economy. China’s Shanghai Composite fell 0.69 per cent and Hang Seng tumbled over 2.4 per cent after Chinese producer prices plunged 5.9 per cent in December 2015 from the same month a year ago, while consumer inflation stood at 1.6 per cent, compared to the government’s 2015 target of 3 per cent, signaling weak demand in the country’s economy. Japan’s Nikkei 225 fell nearly 0.40 per cent as a stronger yen curbed the lure for exporter stocks. Wall Street sank on Friday, marking the worst week since 2011 as China’s continued depreciation of the Yuan threatened to start a global currency war while signaling that the China slowdown was worse than feared. Traders cast aside a blockbuster December jobs report which showed that employers added nearly 300K jobs while the unemployment rate remained at a seven-year low, lifting the outlook for the world’s biggest economy. Non-farm payrolls in the US climbed by a whopping 292,000 in December, following an upwardly revised 252,000 gain in November and topping expectations of a 200,000 advance. The Dow Jones Industrial Average plunged 1.02 per cent; the Nasdaq Composite dropped 0.98 per cent while S&P 500 fell 1.08 per cent.

Top traded Volumes on NSE Nifty – Vedanta Ltd. 14021580.00, ICICI Bank Ltd. 13094901.00, State Bank of India 11745840.00, Axis Bank Ltd. 11307470.00 and Tata Motors Ltd. 8770370.00.

On BSE, total number of shares traded was 36.52 Crore and total turnover stood at Rs. 3603.62 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 225664 with a total turnover of Rs. 12278.43 Crore. Along with this total number of contracts traded in stock futures were 463811 with a total turnover of Rs. 23676.03 Crore. Total numbers of contracts for index options were 2390129 with a total turnover of Rs. 136395.60 Crore and total numbers of contracts for stock options were 248623 with a total turnover of Rs. 13083.06 Crore.

The FIIs on 08/01/2016 stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs. 3654.82 Crore and gross debt purchased stood at Rs. 4342.73 Crore, while the gross equity sold stood at Rs. 4598.80 Crore and gross debt sold stood at Rs. 381.77 Crore. Therefore, the net investment of equity and debt reported were Rs. -943.98 Crore and Rs. 3960.96 Crore.

Anil Ambani announces Rs 5,000-cr naval facility investment

Expanding his defence sector play, Reliance Group Chairman Anil Ambani has announced setting up of a new naval shipbuilding facility with an initial investment of Rs 5,000 crore, said the media report.

The facility, to be set up at Rambilli along the East Coast near Vizag, would also lead to creation of a multi-tier array of defence ancillaries with further investments of Rs 5,000-10,000 crore and thousands of skilled jobs, he said.

Speaking at the Andhra Partnership Summit after his group signed an MoU with Andhra Pradesh government for the facility, Ambani said it would complement Reliance Group's existing facility at Pipavav in Gujarat and will have a clear focus on building strategic assets for the Indian Navy.

"It is estimated that Indian Navy will spend over Rs 3 lakh crore or nearly Rs 20,000 crore a year on acquisitions and fleet modernisation of submarines and aircraft carriers over next 15 years, creating a huge pipeline of opportunity for the proposed world-class naval facility," he added.

"At an initial investment outlay of Rs 5,000 crore, it will represent the single-largest investment at one location anywhere in Andhra Pradesh," Ambani said.

The diversified group's chairman further said Reliance Group has had a strong business engagement with Andhra Pradesh and it has already invested Rs 15,000 crore and created thousands of jobs in the state across a range of sectors from telecom to power.

Stating that Vizag has for long time been a hub for commercial and maritime activities, Ambani said it has now grown to be one of the busiest harbour cities in Asia and it was ideally suited for the manufacture of strategic assets such as nuclear sub-marines and aircraft carriers.

The billionaire industrialist said one of the most important part of India's policy of a "credible minimum deterrence" is SSBN or a nuclear submarine and the proposed Vizag facility "will play in critical role in complementing this mission and bringing it to fruition".

Besides, it will also further Prime Minister Narendra Modi's Make in India mission in the defence sector, he said.

Mylan introduces Hep C generic drug in India

Mylan Pharmaceuticals, an arm of Mylan N.V. announced that it has introduced its generic drug Harvoni which is a combination of Ledipasvir/Sofosbuvir under the brandname MyHep LVIRTM in the Indian market. Harvoni will be used for treating Hepatitis C infection. It provides a simplified Hepatitis C treatment regimen that removes the need for interferon and ribavirin. The product is also a single-tablet regimen and requires a therapy course of 12 weeks. Commenting on this, Rajiv Malik, President, Mylan said, “MyHep LVIRTM is an important addition to our growing Hepato Care segment in India that gives us the opportunity to offer patients the potential to be cured through a transformative and simplified single tablet, once-daily treatment regimen.”

Domestic & global financial giants set to partner India Post

According to media reports, the country’s Union Minister Ravi Shankar Prasad has said that top global financial & banking companies such as ICICI Bank, Barclays and Citigroup have indicated their willingness to partner India Post for its upcoming payments bank.

“You have only got the in-principle approval, and other aspects like appointing a consultant are on, but already 40 big financial services groups from the country and abroad have evinced interest in a tie-up with the Postal Department,” the Communications and IT Minister said, the PTI reported.

Prasad said that among the financial giants who have sent tie-up proposals include US banking major Citigroup, UK lender Barclays and India’s top private sector bank ICICI Bank.

The Postal Department aims to get India Post operational by March 2017, Prasad said, adding that some of the tie-up proposals entail in areas such as selling insurance, while some seek to provide government-to-citizen and company-to-citizen services.

The Reserve Bank in August 2015 gave an approval to set up payments banks, aimed at promoting financial inclusion through deepening the formal financial system by focusing on transactional banking, with India Post being the only state-run entity in a list of 11 entities that had received the go-ahead.

Hindustan Zinc set to invest Rs 8,000 cr in next 3-5 years

Mining and resources producer Hindustan Zinc Ltd has announced that it plans to invest a mammoth amount of Rs 8,000 crore in the course of the next three-five years as the subsidiary of the Vedanta Group steps up its efforts to expand operations and boost production capacity.

Hindustan Zinc said in a statement that it is planning to boost its existing ore production levels to 14 million tonnes per annum (MTPA) from 9.36 MTPA while it aims at increase its finished metal output levels from the current 0.85 MTPA to 1.10 MTPA.

“As the company celebrates its Golden Jubilee year, it is all set to invest another Rs 8,000 crore in the coming 3-5 years on expansion of its mines and smelting operations”, Hindustan Zinc Ltd (HZL) said, which in 2016 completes 50 years of existence.

“When we acquired HZL as part of government's disinvestment programme in 2002, our focus was to make India self-sufficient in zinc. We are very proud that by adopting latest environment friendly technology, large investment in capacity expansions and continuous exploration, HZL is able to increase production five-fold and yet have reserves for another 30 years”, Anil Agarwal, Vedanta Group Chariman said.

HZL which was acquired by Sterlite (now called Vedenta) in 2002 produces 474 MW of captive thermal power and 274 MW of wind energy.Hindustan Zinc set to invest Rs 8,000 cr in next 3-5 years

8K Miles Consolidated Q3 Results


TOTAL INCOME74.0561.1050.6442.5934.47
OPERATING PROFIT25.3521.1615.8812.8410.81
NET PROFIT15.1912.039.667.866.72
EPS (RS)10.348.146.726.065.36

Bajaj Corp Q3 Results

OTHER INCOME8.137.476.817.546.66
TOTAL INCOME221.29215.65225.91243.71212.45
OPERATING PROFIT64.1860.4461.4169.9254.05
NET PROFIT49.5946.7847.5154.4241.84
EPS (RS)3.363.173.223.692.84