Hindustan Zinc stock surges to record high on rising metal prices
From Hindustan Times: 2024-05-21 06:55:46
1. Hindustan Zinc stock surges to all-time high, hitting upper circuit limit of 20% in intraday trading at ₹743.60 per share. Gains for the year stand at 133%, marking the biggest annual increase since 2009. Market capitalization crosses ₹3 lakh crore for the first time, up by 57% in CY24.
2. Rally in Hindustan Zinc shares attributed to surge in base metal prices following China’s measures to revitalize property sector. Optimism grows as China’s industrial output beats estimates and exports show strong growth. Zinc, lead, aluminum, copper prices rise, with copper hitting record high of $11,104.50 per tonne.
3. Surge in metal prices drives silver to 11-year high at $32.15 per ounce, up 25% year-to-date. Domestically, silver prices hit all-time high of ₹95,480 per kilo on MCX, rising 16.61% in May alone. Strong demand fueled by investments in physical silver and ETFs.
4. Hindustan Zinc, a Vedanta Group subsidiary, specializes in zinc, lead, and other non-ferrous metals. Ranked as world’s second-largest zinc producer and fifth-largest silver producer. Headquartered in Zinc City, Udaipur, the company controls 80% of India’s growing zinc market.
5. Company posts sixth consecutive quarter of declining profit in Q4FY24 due to lower zinc prices. Analysts expect turnaround in Q1 FY25 with robust rally in zinc and silver prices. Disclaimer: Seek advice from certified experts before making investment decisions.
Read more at Hindustan Times: Hindustan Zinc stock hits 20% upper circuit to touch new record high; up 133% in CY24 so far – here’s why