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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Hindalco Industries Limited    500440   INE038A01020

HINDALCO INDUSTRIES LIMITED

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Vedanta, Hindalco among winners of country's coal mine auctions

11/02/2020 | 09:24am EST
FILE PHOTO: A man walks past the logo of Vedanta outside its headquarters in Mumbai

CHENNAI (Reuters) - India's Vedanta Ltd and Hindalco Industries Ltd were among the first private companies chosen to operate coal mines in the country without end-use restrictions, the government said on Monday.

The world's second largest consumer of coal, India allocated 38 coal mines for auction to the private sector, offering financial incentives to attract investment and reduce imports.

The auctions are conducted in two stages, the first of which is the submission of a technical bid, evaluated by the coal ministry. The bidders who qualify then submit financial bids in which they detail what percentage of revenue would be paid to the government.

No technical bids were received for 15 of the 38 mines.

On the first day of the auctions, final offers for 5 mines with an annual production capacity of 13.75 million tonnes ranged from 10.5% to 30.75%, the coal ministry said. Vedanta won the biggest mine with an annual production capacity of 6 million tonnes.

"In all the mines auctioned, the final offer received is above 10% signalling strong demand of coal mines in the market," the coal ministry said.

(Reporting by Sudarshan Varadhan; Editing by Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COAL INDIA LIMITED -3.18% 138.7 Delayed Quote.5.76%
GOLD 1.48% 1837.4 Delayed Quote.-3.70%
HINDALCO INDUSTRIES LIMITED -4.04% 243.15 End-of-day quote.1.10%
SILVER 3.16% 24.99 Delayed Quote.-5.99%
VEDANTA LIMITED -3.93% 168.7 End-of-day quote.4.52%
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Financials
Sales 2021 1 283 B 17 537 M 17 537 M
Net income 2021 44 346 M 606 M 606 M
Net Debt 2021 575 B 7 864 M 7 864 M
P/E ratio 2021 12,3x
Yield 2021 0,48%
Capitalization 541 B 7 389 M 7 391 M
EV / Sales 2021 0,87x
EV / Sales 2022 0,72x
Nbr of Employees -
Free-Float 64,6%
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Average target price 297,26 INR
Last Close Price 243,15 INR
Spread / Highest target 48,1%
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Spread / Lowest Target -1,30%
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Satish P. Pai Managing Director & Executive Director
Anil Kishan Kumar Malik President, Secretary & Compliance Officer
Kumar Mangalam Birla Non-Executive Chairman
Satish Jajoo COO & Head-Renukoot, Renusagar & Mahan Unit
Praveen Kumar Maheshwari Chief Financial Officer & Director
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