Hindustan Zinc rallies 6% on collaboration with AEsir Technologies; stocks gains over 117% in 1 year
After Hindustan Zinc announced signing an MoU with AEsir Technologies in an exchange filing, shares of the company gained by as much as 6 per cent at days high.
Shares of Hindustan Zinc in Friday’s trade zoomed by as much as 6 per cent to day’s high price of Rs 683.95 per share on the BSE. The sharp spurt in the stock price was triggered after Anil Agarwal led company announced collaboration with AEsir Technologies for developing Zinc batteries.
AEsir Technologies is a US-based company specialising in next-generation zinc battery technologies.
At the last count, shares of the diversified mining company traded with gains of over 3 per cent at Rs 667.8 apiece on the BSE.
As part of the collaboration, Hindustan Zinc will be the preferred supplier of zinc, a key raw material for AEsir Technologies' next-generation batteries. Further, the two entities will innovate the battery storage space, supporting the ongoing global energy transition.
Zinc-based batteries provide a compelling alternative to other modern energy storage solutions, delivering higher power at lower costs with minimal maintenance and longer lifespans of upto 20 years. This makes them ideal for large-scale energy storage in industrial settings.
The MoU is in-line with Hindustan Zinc's efforts towards exploring emerging applications of zinc in the clean energy transition.
"By providing high-quality zinc for cutting-edge energy storage, we are opening sophisticated new avenues for environmentally friendly solutions for a greener tomorrow," Hindustan Zinc CEO Arun Misra said in the company’s press release.
Hindustan Zinc’s share price performance
Shares of the company have given multibagger returns in the last one year with returns of over 117 per cent, while in the last one month the stock has gained 8 per cent.
About Hindustan Zinc
Hindustan Zinc, a Vedanta Group company in zinc-lead and silver business is the world’s 2nd largest integrated zinc producer and now the 3rd largest silver producer. The company has a market share of around 75 per cent of the growing zinc market in India with its headquarters at Zinc City, Udaipur along with ZincLead mines and smelting complexes spread across the state of Rajasthan.
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