Hindustan Zinc Stock: On Friday, the last trading day of the week, shares of Hindustan Zinc gave a surprise return. Shares of Hindustan Zinc rose nearly 19 percent on May 10 to Rs. It hit a 52-week high of 540.95. On the NSE, shares of Hindustan Zinc rose 16 percent to Rs. closed at 529.
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Reason for the stock to rise
Meanwhile, the commodity rose more than 2 percent to $2,955 on the London Metal Exchange. The increase was fueled by positive trade data from China. These numbers are positive for zinc related companies. Apart from this, the increase in zinc prices is also a good sign for Hindustan Zinc. At the same time, Hindustan Zinc per equity share was Rs. Also approved an interim dividend of 10. The cost of this dividend to the company is Rs 4,225.32 crore.
How were the March quarter results?
Vedanta Group company Hindustan Zinc’s profit for the quarter ended March 31, 2024 fell 21 percent to Rs. 2,038 crores. In the corresponding quarter of last financial year 2022-23, the company’s profit was Rs. 2,583 crores. According to the company, lower zinc prices have led to a decline in net profit. However, this was somewhat offset by an 11 percent improvement in price and a five percent improvement in silver content. In the March quarter, the company’s revenue fell to Rs. 7,822 crore as against Rs. 8,863 crores.
The market recovered
On Friday, the stock market ended a three-session slide and both benchmark indexes closed with gains. BSE’s 30-share index Sensex closed up 260.30 points, or 0.36 per cent, at 72,664.47 points. The Nifty also closed up 97.70 points or 0.44 percent at 22,055.20 points.