Hindustan Zinc Share Price Soars by 12% on 10th May!
Good news for investors in Hindustan Zinc as the shares witnessed a strong surge during trading hours on 10th May, climbing more than 12% and reaching a 52-week high.
The price of zinc on the London Metal Exchange also increased by over 2% to $2,955 per ton due to positive trade data from China, impacting the company’s shares.
On the National Stock Exchange at 2:41 PM, Hindustan Zinc shares were trading at Rs 514.00 with a 12.68% increase. On Monday (13th May 2024), the shares were up by 10.22% at Rs 579.
Zinc is a major product both produced and consumed by China, leading to a rise in prices which is beneficial for Hindustan Zinc as it is engaged in zinc mining and refining business.
The company has also approved an interim dividend of Rs 10 per share, requiring an expenditure of Rs 4,225.32 crore. In the March quarter, Hindustan Zinc reported a revenue of Rs 7,549 crore with better margins than expected.
As of December quarter, the company had a net cash of Rs 370 crore, which increased to Rs 1,700 crore in the March quarter.
Management expects an increase in zinc and refined metal production by 2025 compared to the financial year 2024. Additionally, the company’s capital expenditure is estimated to be between Rs 270 crore to Rs 325 crore.
Stay tuned for more updates on Hindustan Zinc’s performance in the market!
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