Around 11.15 AM, Hindustan Zinc shares were trading at Rs 230.10, up 5.41 per cent, as compared to a 0.63 per cent gain in the benchmark S&P BSE Sensex
Hindustan Zinc share price rallied over 8 per cent to hit a fresh 52-week high of Rs 236 apiece, taking the total market capitalisation to Rs 97,203.46 crore. It has surpassed its previous high of Rs 225 apiece touched in October last year. The stock has climbed over 93 per cent from March lows of Rs 122 per share. Arun Mishra took over Sunil Duggal as Chief Executive Officer (CEO) of Hindustan Zinc. Misra had been the deputy CEO in the company since November last year. The second tenure of A R Narayanaswamy and Arun L Todarwal as independent directors also expired on July 31, accordingly, its board approved the appointment of Anjani Agarwal and Akhilesh Joshi as additional directors designated as independent directors on the board to be effective from August 1, 2020.
Over the last decade, Hindustan Zinc has increased its silver production by 4.1x to over 600 tonnes (currently contributing 13% to overall topline). “Going forward, plans are to increase silver production to 1000 tonnes, through higher production from existing, new deposits and also through an enhanced recovery process,” said ICICI Direct Research in a report. With Silver prices at multi-year highs, this will augur well for the company, it added.
Around 11.15 AM, Hindustan Zinc shares were trading at Rs 230.10, up 5.41 per cent, as compared to a 0.63 per cent gain in the benchmark S&P BSE Sensex. The management of the company, while announcing April-June quarter results, informed that the cost optimisation programme launched last year has started to yield results. The company expects Hindustan Zinc to deliver higher volume at a lower cost as digitisation and automation projects have ramped up.
Hindustan Zinc had reported a 23% fall in net profit for the April-June quarter at Rs 1,359 crore as against Rs 1,765 crore in the same quarter last year. The net revenue stood at Rs 3,989 crore, a decline of 20% as against Rs 4,987 crore in FY20 due to a 29% fall in Zinc LME prices, and an 11% fall in Lead LME prices and Covid-19 impacted lower volumes, the company said.