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New Delhi, <keyword id="20108985" type="General" weightage="20" keywordseo="hindustan-zinc" source="keywords">Hindustan Zinc</keyword> Ltd (<keyword id="20256739" type="General" weightage="20" keywordseo="hzl" source="keywords">HZL</keyword>) on Friday posted a 6 per cent decline in consolidated net profit to Rs 2,028 crore during the quarter ended December 2023, dragged by lower income. It had clocked Rs 2,156 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. On a quarter-on-quarter (q-o-q) basis, the company's profit grew 17 per cent as against Rs 1,729 crore in the July-September quarter. During the quarter under review, the company's total income reduced to Rs 7,606 crore from Rs 8,214 crore a year ago. Its expenses were Rs 4,937 crore as against Rs 5,028 crore in the year-ago period. On the company's efforts to reduce carbon emissions, Arun Misra, Chief Executive Officer of HZL, said: "Hindustan Zinc has initiated the deployment of electric and LNG vehicles in its operations for inter-unit movements and finished goods transportation, thereby reducing the scope 3 emissions." Its CFO Sandeep Modi said, the performance "marks the company's fourth consecutive quarter of consistent cost improvement and the lowest cost in the last 10 quarters. We continue to remain focused on cost optimisation, operational efficiencies, working capital management, digital improvements and shareholder value maximisation." HZL's production of mined metal in the quarter rose 8 per cent to 271 kilo tonne (kt) sequentially and 7 per cent up year-on-year (y-o-y), driven by higher ore production at Rampura Agucha and <keyword id="20256741" type="General" weightage="20" keywordseo="sindesar-khurd" source="keywords">Sindesar Khurd</keyword> mines. In the quarter under review, its refined metal production grew 7 per cent to 259 kt sequentially and 1 per cent higher y-o-y. Integrated zinc production in the quarter increased 10 per cent to 203 kt sequentially and declined 4 per cent y-o-y. In the December quarter, production of refined lead fell 1 per cent to 56 kt sequentially but grew 21 per cent y-o-y. Its saleable silver production in the quarter was 197 MT (metric tonne), up 9 per cent q-o-q and 22 per cent y-o-y. <keyword id="20006961" type="General" weightage="20" keywordseo="sharing" source="keywords">Sharing</keyword> an update on the projects, HZL said its fumer and alloy plants are currently under operation after their commissioning in the last quarter, while a new roaster at Debari of 160 ktpa and Hindustan Zinc Fertilisers Private Ltd (HZFPL) of 510 ktpa for main process package is on track. The company generated a cash flow of Rs 2,097 crore during the quarter. Total borrowings outstanding as of December 2023 was Rs 10,111 crore. During the quarter, the company paid a dividend of Rs 2,535 crore. Hindustan Zinc is the world's second largest integrated zinc producer and fifth largest silver producer. The Udaipur-based company holds about 80 per cent of the growing zinc market in the country.

Hindustan Zinc Q3 net profit falls to Rs 2,028 crore

<ul><li>Opposing Anil Agarwal-promoted <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword>'s plan to sell its global zinc assets to <keyword id="115997" type="General" weightage="80" keywordseo="hindustan-zinc" source="Orion">Hindustan Zinc</keyword>, the government has said it will explore all legal options.</li><li>The government has also asked Vedanta arm Hindustan Zinc to explore other cashless methods of acquisition of these assets.</li><li>Hindustan Zinc's CEO <keyword id="1583550" type="General" weightage="50" keywordseo="arun-misra" source="Orion">Arun Misra</keyword> had said last week that the company is planning to get in touch with the mines ministry to resolve the differences.</li></ul>Opposing Anil Agarwal-promoted Vedanta's plan to sell its global zinc assets to Hindustan Zinc Ltd (<keyword id="171264" type="General" weightage="80" keywordseo="hzl" source="Orion">HZL</keyword>), the government has said it will explore all legal options in the matters related to the deal. The government has also asked Vedanta arm HZL to explore other cashless methods of acquisition of these assets. In a letter dated February 17 to HZL, Ministry of Mines said: "We have been informed by the directors nominated for appointment by Government of India that in the meeting of board of directors of the company held on January 19, 2023, resolutions were approved for the creation of a wholly-owned overseas subsidiary of the company, funding such subsidiary to the extent of USD 2,981 million and such subsidiary acquiring the shares of THL Zinc Ltd from THL Zinc Ventures Ltd (an entity of <keyword id="147780" type="General" weightage="50" keywordseo="vedanta-group" source="Orion">Vedanta Group</keyword>). "We would like to bring to your attention that Government of India will oppose any proposed resolutions in furtherance of such agenda matter and will explore all legal avenues available to Government of India in this regard." In the letter, the ministry urged the company to explore other cashless methods of acquisition of these assets. "In the context of the proposed resolutions which envisage the acquisition of THL Zinc (a Vedanta company) by HZL (also a Vedanta company) thus being a related party transaction, we, Government of India would like to reiterate our dissent on the matter and the resolutions forming part of the agenda matter," the letter said. The government holds a 29.54 stake in Hindustan Zinc. HZL acknowledged the receipt of the letter from the ministry and said in a filing to <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> that the proposed transaction can only be done post approval of the shareholders in the general meeting. "Further the notice calling the shareholders meeting has not been issued so far. The above letter shall be placed before the board of directors in the ensuing board meeting for its consideration," HZL said. Hindustan Zinc's CEO Arun Misra had said last week that the company is planning to get in touch with the mines ministry to resolve the differences over the acquisition of overseas assets of holding company Vedanta Ltd. Valuation of the assets is among several concerns flagged by the government. Vedanta had last month said it will sell its global zinc assets to HZL for cash consideration of USD 2,981 million. Vedanta holds 64.92 per cent equity share of HZL. Hindustan Zinc is an integrated producer of zinc, lead and silver.

Will explore all legal options to oppose Vedanta-Hindustan Zinc deal says govt

<keyword id="20169201" type="General" weightage="100" keywordseo="hindustan-zinc-ltd" source="keywords">Hindustan Zinc Ltd</keyword> (HZL) on Friday posted a 6% decline in consolidated net profit to Rs 2,028 crore during the quarter ended December 2023, dragged by lower income. It had clocked Rs 2,156 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. On a quarter-on-quarter (q-o-q) basis, the company's profit grew 17% as against Rs 1,729 crore in the July-September quarter. During the quarter under review, the company's total income reduced to Rs 7,606 crore from Rs 8,214 crore a year ago. Its expenses were Rs 4,937 crore as against Rs 5,028 crore in the year-ago period. On the company's efforts to reduce carbon emissions, Arun Misra, Chief Executive Officer of HZL, said: "Hindustan Zinc has initiated the deployment of electric and LNG vehicles in its operations for inter-unit movements and finished goods transportation, thereby reducing the scope 3 emissions." Its CFO Sandeep Modi said, the performance "marks the company's fourth consecutive quarter of consistent cost improvement and the lowest cost in the last 10 quarters. We continue to remain focused on cost optimisation, operational efficiencies, working capital management, digital improvements and shareholder value maximisation." HZL's production of mined metal in the quarter rose 8% to 271 kilo tonne (kt) sequentially and 7% up year-on-year (y-o-y), driven by higher ore production at Rampura Agucha and Sindesar Khurd mines. In the quarter under review, its refined metal production grew 7% to 259 kt sequentially and 1% higher y-o-y. Integrated zinc production in the quarter increased 10% to 203 kt sequentially and declined 4% y-o-y. In the December quarter, production of refined lead fell 1% to 56 kt sequentially but grew 21% y-o-y. Its saleable silver production in the quarter was 197 MT (metric tonne), up 9% q-o-q and 22% y-o-y. Sharing an update on the projects, HZL said its fumer and alloy plants are currently under operation after their commissioning in the last quarter, while a new roaster at Debari of 160 ktpa and Hindustan Zinc Fertilisers Private Ltd (HZFPL) of 510 ktpa for main process package is on track. The company generated a cash flow of Rs 2,097 crore during the quarter. Total borrowings outstanding as of December 2023 was Rs 10,111 crore. During the quarter, the company paid a dividend of Rs 2,535 crore. Hindustan Zinc is the world's second largest integrated zinc producer and fifth largest silver producer. The Udaipur-based company holds about 80% of the growing zinc market in the country.

Vedanta's Hindustan Zinc logs lower profit and revenue in Q3

<ul><li>Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless". </li><li>A news report said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option. </li><li>Vedanta Resources has been looking to reduce its debt through the sale of its zinc assets.</li></ul>New Delhi, Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless." This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company. According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless." The media report said that stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail. Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move. Vedanta holds 64.92 per cent of the equity share capital of HZL. Vedanta Resources had earlier said that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. In a statement, the firm, which is the majority owner of Mumbai-listed mining and oil and gas company Vedanta Ltd, had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. Vedanta Resources had said it has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. Vedanta Resources had recently said that it has fully repaid 250 million dollar in loans it had taken from Barclays Bank and Standard Chartered Bank.

Vedanta says talks of stake sale 'untrue and baseless'

<ul><li>The Amazon Great Indian Festival bonanza is now live for all users.</li><li>The sale brings huge discounts across a wide range of products, including smartphones.</li><li>Here are some of the <keyword id="5025075" type="General" weightage="100" keywordseo="best-deals-on-smartphones" source="Orion">best deals on smartphones</keyword> on the <keyword id="3723185" type="General" weightage="80" keywordseo="great-indian-festival-sale" source="Orion">Great Indian Festival sale</keyword> on Amazon.</li></ul>Embrace the spirit of the festive season with <a href="https://www.businessinsider.in/business/ecommerce/news/the-amazon-great-indian-festival-sale-2023-checkout-best-deals-and-offers/articleshow/104218174.cms">Amazon Great Indian Festival</a>, which is now in full swing for all users. The sale brings incredible deals across a wide range of products including smartphones, tablets, laptops, wearables, home appliances, apparel and more. If you are in the market for a smartphone, grab one quickly before the sale ends on November 10. And for those eyeing a new smartphone, this is the perfect opportunity to grab these offers during the Great Indian Festival sale. In this post, we have curated some of the best deals on smartphones on the Amazon Great Indian Festival sale to make sure you don’t miss out on this tech extravaganza. Bank offer In addition to the discounts offered by Amazon, you can avail an additional 10% instant discount on ICICI Bank, Bank of Baroda, IDFC First Bank debit card, credit cards and EMI transactions and Onecard credit card transactions. Business Insider India’s team of experts have been working round the clock to filter out the best deals across categories. 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It comes with an additional discount upto ₹4,250 on SBI credit card transactions. iQOO 11 5G <cmsannotation type="cmsannotation" annotationid="B07WHQLR7G" comment="amazoncard" text="B07WHQLR7G">B07WHQLR7G</cmsannotation> The iQOO Neo 6 5G is a good option if you are looking for a flagship smartphone at an affordable price. The smartphone features a 6.78-inch Quad HD+ E6 LTPO AMOLED display with a 120Hz refresh rate and is equipped with the powerful Snapdragon 8 Gen 2 chipset coupled with 8GB RAM and 256GB of internal storage. It features a triple camera setup and comes with a 16MP selfie camera. It is powered by a 5,000mAh battery coupled with 120W fast charging. The smartphone is currently available for ₹49,999, down from its original price of ₹61,999. You can also avail a whole host of discounts if you purchase using the SBI credit or debit card. Honor 90 <cmsannotation type="cmsannotation" annotationid="B0CG11S7SV" comment="amazoncard" text="B0CG11S7SV">B0CG11S7SV</cmsannotation> If you are looking for a mid-range smartphone with a clean UI, the Honor 90 is worth considering. The smartphone, available in three colour options features a 6.7-inch Full HD+ OLED display with a 120Hz refresh rate and is powered by the Snapdragon 7 Gen 1 Accelerated Edition chipset. The smartphone comes with a triple camera setup at the back consisting of a 200MP primary camera. On the front, the device sports a 50MP camera for selfies and video calling. It is powered by a 5,000mAh battery and supports 66W fast charging. The Honor 90 is currently available for ₹31,999, down from its original price of ₹47,999. Additionally, SBI credit and debit card users can avail an additional discount of upto ₹3,250. iQOO Neo 7 Pro 5G <cmsannotation type="cmsannotation" annotationid="B07WHSQWLW" comment="amazoncard" text="B07WHSQWLW">B07WHSQWLW</cmsannotation> The iQOO Neo 7 Pro 5G is part of the company’s Neo series and offers good performance at an affordable price tag. It runs on Android 13 out of the box and features a 6.78-inch Full HD+ AMOLED display with a 120Hz refresh rate. The device is powered by a Snapdragon 8+ Gen 1 chipset, coupled with up to 12GB RAM and 256GB of internal storage. The device features a triple camera setup at the back and features a 16MP selfie camera. The device is powered by a 5,000mAh battery with 120W fast charge support. The smartphone is currently available for ₹36,999, down from its original price of ₹42,999. Disclaimer - When you purchase through links on Business Insider India, we may earn affiliate commission.

Amazon Great Indian Festival 2023 – Best deals on smartphones

Billionaire Anil Agarwal's <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword> on Wednesday said it has slashed debt by USD 2 billion in the current fiscal as it looked to soothe investor concerns over ability to repay upcoming obligations. The company, which is the parent firm of Mumbai-listed <keyword id="2735606" type="General" weightage="50" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword>, had a net debt of USD 9.66 billion as of March 31, 2022, according to an investor presentation on its website. After repayments and borrowings, it has about USD 7.7 billion outstanding, of which USD 3 billion is due for repayment in the fiscal year starting April 2023. In a statement, the company said it has "deleveraged by USD 2 billion in the past 11 months, thus achieving half of its USD 4 billion 3-year debt reduction commitment in the first year alone." Last week, S&amp;P Global Ratings had stated that the company's credit ratings may "come under pressure" if it is unable to raise USD 2 billion and/or sell its international zinc assets. "Powered by robust domestic consumption in the fastest growing major economy, <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword> is delivering healthy cash flows whilst maintaining disciplined capital allocation and has reduced net debt by USD 2 billion, ahead of plans for this fiscal. "During 2023-24 (FY24) and 2024-25 (FY25), Vedanta will continue to deleverage from net debt of USD 7.7 billion and plans to cover 50 per cent of FY24 liquidity requirements internally and the balance through refinancing," the Vedanta statement said. Vedanta Ltd (Vedanta Resources has 70 per cent stake) has proposed sale of the international zinc business to Hindustan Zinc Ltd (Vedanta Ltd has 65 per cent ownership) for nearly USD 3 billion. The government reportedly is averse to the deal. Valuation of the assets is among several concerns flagged by the government, which holds a 29.54 per cent stake in HZL, which was privatised more than two decades ago. S&amp;P had last week stated that Vedanta Resources is fully funded until March 2023, following a dividend declared by Vedanta Ltd in January. "We estimate further dividends from Vedanta Ltd, together with management fees, can be used to meet about USD 1.5 billion of the USD 2 billion the parent requires between April and June, including inter-company loans and interest expenses," it had said. Debt maturities next fiscal include USD 500 million of loan repayments in the quarter ending December 31, 2023 and a USD 1 billion bond in January 2024. "Over the past 20 years, Vedanta has raised more than USD 35 billion through debt and equity and yielded highly attractive returns to shareholders, while maintaining an excellent track record of debt servicing," the Vedanta statement said. Vedanta has a portfolio comprising zinc (world's largest integrated producer), aluminium (<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s largest producer of primary aluminium), oil and gas (India's largest private producer of crude oil), silver (6th largest producer globally), battery metals: Nickel (India's sole nickel producer) and cobalt, copper, iron ore and steel and commercial energy. "Vedanta's next phase of growth will be fueled by its associated companies' investments into semiconductors (India's first semiconductor producer in collaboration with Foxconn), display glass (Avanstrate), renewables (through joint venture with KKR), optical fibre (fibre to home) and transmissions (half of India's power transmission)," the statement said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-posts-820-crore-net-profit-in-q3-gautam-adani-says-current-market-volatility-temporary/articleshow/97914997.cms">Adani Enterprises posts ₹820 crore net profit in Q3: Gautam Adani says current market volatility temporary</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-q3-net-loss-widens-to-7990-crore-average-revenue-per-user-edges-up-to-135/articleshow/97939836.cms">Vodafone Idea Q3 net loss widens to ₹7,990 crore, average revenue per user edges up to ₹135</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaas-stock-plunges-4-2-after-its-q3-net-profit-slips-70/articleshow/97901748.cms">Nykaa’s stock plunges 4.2% after its Q3 net profit slips 70%</a>

Vedanta cuts debt by $2 billion ahead of target to soothe investor concerns

New Delhi, May 15 () The board of Hindustan Zinc (HZL), a subsidiary of Vedanta, has approved an interim dividend of Rs 16.50 per equity share for FY20 amounting to Rs 6,972 crore. Vedanta owns 64.9 per cent stake in the company, while the centre retains a 29.54 per cent stake. HZL has intimated that its board of directors, through resolution passed by circulation on Tuesday, has approved interim dividend of Rs 16.50 per equity share - 825 per cent on face value of Rs 2 per share for the financial year 2019-20 amounting to Rs 6,972 crore, Vedanta informed the BSE on Friday. HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver. It has facilities in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in Rajasthan, along with zinc-lead processing and refining facilities and a silver refinery at Pantnagar in Uttarakhand. SID SID ANSANS

Hindustan Zinc board approves interim dividend of Rs 16.50/share for FY20

The year 2013 witnessed a great deal of volatility, with the <keyword id="6354813" type="COMPANY" weightage="40" keywordseo="nifty">Nifty</keyword> and the <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> surging to new highs. Nevertheless, three out of five Nifty 50 <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword> remained laggards, including a number of high-profile companies. 
 This year might have been forgettable for them, but these heavyweights are likely to do better in 2014, not just because of their vast potential but also due to favourable changes in the <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword>. ET Intelligence Group lists the companies that are likely to lead the Nifty rally in 2014 and why. 
 
<keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword> 
 
After underperforming the Nifty for five consecutive years, Reliance Industries has barely matched the index’s performance in 2013 so far, but 2014 is likely to be better. 
 
Reliance has embarked on a high capital expenditure programme, investing Rs 1,50,000 crore in three years in expanding petrochemical and polymer capacities, improving efficiencies at its refineries and increasing its dwindling gas output. 
 
 
 
Thus, FY13-FY16 is likely to be a phase of high earnings growth for the company, supporting stock outperformance. There are some risks, though. The company is fighting against penalties proposed by the petroleum ministry, while the outlook for the refining industry is clouded, with margins likely to come under pressure in 2014. Nevertheless, the company’s strong balance sheet should ensure a robust performance for its shares once the risks subside. 
 
Sesa Sterlite 
 
The government has endorsed the sale of residual stakes in its two group companies – Hindustan Zinc and Balco – through auction. This will allow Sesa Sterlite, which already holds more than 63% of HZL, to buy 25-100% of the government stake. Following this, HZL would be either merged with Sesa Sterlite or delisted. This would give Sesa Sterlite access to more than Rs 20,000 in cash with HZL and put the company in a position to bring down its debt. 
 
Also, the overall volumes of the companies across businesses – iron, copper, zinc, and oil and gas – are likely to pick up in 2014. The aluminium business could face some pressure due to falling prices. Growth in volumes and strengthening of the balance sheet will lead to re-rating of the stock, which is currently trading at a significant discount to its global peers BHP and Rio Tinto. FY15 EV/EBIDTA for Sesa Sterlite is 4.9, while it’s 6.2 and 6.6 for BHP and Rio, respectively. 
 
<keyword id="6653" type="CITY" weightage="40" keywordseo="ICICI-bank">ICICI Bank</keyword> 
 
Focus on the retail segment, a large branch network and steady loan growth may lead to consistent profit growth in the next few quarters. The bank has posted a 20% y-o-y growth in net profit in the last 12 quarters. Current and <keyword id="25450" type="UNKNOWN" weightage="40" keywordseo="savings">savings</keyword> accounts (CASA) as a percentage of total deposits improved to 43.3% in the September quarter as against 39% in the June quarter. This is among the highest among the private sector banks. 
 
Gross NPAs as of the September quarter stood at 3.08%, which is reasonable considering the macro environment. At current market prices, the stock is trading at a price-to-book value of 1.8. This is lower than peers such as HDFC Bank and Kotak Bank, which are trading at 4.5 and 3.5. Over the last few years, the stock was trading at a discount to its peers due to higher exposure to stressed assets. However, sustained profit growth in next few quarters may lead to a lower valuation gap. 
 
Ultratech Cement 
 
UltraTech Cement, being the largest company in the sector with a pan-India presence, stands to gain from the expected improvement in construction in 2014. With the acquisition of JP Associates’ Gujarat plant this year, the company’s cement capacity stands at 63 million tonnes, almost 16.8% of total domestic capacity. 
 
UltraTech Cement has been selectively expanding its capacity, which has strong long-term benefits. Cement prices are currently under pressure. In the September quarter, all-India cement prices traded at Rs 299 per 50-kg bag, up 2% from the year earlier. Once demand improves next year with the clearing of infrastructure projects, UltraTech would be one of the few large cement companies to gain. In the coming year, analysts expect cement demand to grow at 7-8%. This should improve earnings at UltraTech, which also has a light balance sheet with a debt-to-equity ratio of less than 1. 
 
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<keyword id="45475" type="CITY" weightage="40" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> 
 
 
 
If there is one company that has succeeded relatively well in defying the slump in the engineering and capital goods sectors over the past few quarters, it is Larsen &amp; Toubro. The company’s increasing focus on internationalisation has helped it partly offset the slump in the domestic economy. The company had an order book of Rs 1.76 lakh crore at the end of the September quarter or close to three years of revenue. 
 
The ratio of international to domestic orders moved up from 10:90 in 
FY13 to 15:85 at the end of September. This puts pressure on operating profit margin, which at 10.2% for the trailing 12 months was 87 bps below the comparable period. An increase in domestic investment activity could ease out some stress on the margins going forward. In the event of a pick up in the investment economy in second half of 2014, it is likely to be one of the biggest beneficiaries and that will invariably boost its share price. 
 
PowerGrid 
 
PowerGrid has underperformed the broader index due to the overhang of the dilution through the recent follow-on public offer. However, PowerGrid may now not need any further equity for at least next three to four years. Under the 12th Five-Year Plan, the company has a capex target of Rs 1.1 lakh crore. 
 
In the past, the company has consistently met its execution target, which led to a compounded annual growth rate of 24% in net profit in the last five years. Given the track record on execution and the healthy capex target, profit growth may continue to remain healthy in the future. Going ahead, with concerns over equity dilution subsiding, the stock may be driven by fundamentals. 
 
Cipla 
 
Cipla, one of India’s biggest drug makers, has been through a transition phase in 2013. This has included the induction of new senior managers, changes in <keyword id="383688" type="UNKNOWN" weightage="40" keywordseo="business-strategy">business strategy</keyword> and the restructuring of various business segments. The company is now setting up front ends in the developed markets of the US and Europe with an intention to launch its own products there. It is also investing in R&amp;D to build a pipeline of products for launch. 
 
This increased initial investment has squeezed margins in recent quarters in the expectation of more sustainable growth in the future. As product approvals pick up and products are launched, the company is likely to see the fruits of this strategy in 2014. It’s likely to emerge as an outperformer in its sector by the second half of 2014.

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