Hindustan Zinc jumps over 18%, hits 52-week high as metal prices surge
Stock market today, Hindustan Zinc share price: Industrial metal prices extended their gains on Tuesday amid expectations of a worldwide manufacturing rebound, while shares in the Asia-Pacific region rose.
Stock market today, Hindustan Zinc share price: Shares of Hindustan Zinc (HZL), a subsidiary of Vedanta Ltd, jumped as much as 18.34 per cent to hit a 52-week high level of Rs 407.70 apiece on the BSE on Tuesday, April 9. The stock, along with other metal stocks, was on fire in trade amid a spike in metal prices. The scrip's all-time high level stands at Rs 407.90 on the BSE, which was touched on October 18, 2021.
As per a Reuters report, industrial metal prices extended their gains on Tuesday amid expectations of a worldwide manufacturing rebound, while shares in the Asia-Pacific region rose.
In Shanghai, the most-traded May copper futures rose more than 1 per cent to a record high, while zinc and tin made multi-month peaks and aluminium traded just below Monday's two-year top. Even iron ore, battered by China's property downturn, steadied above $100 a tonne in Singapore, the report added.
On Monday, data showed German industrial production rose more than expected in February.
Last week, data showed US manufacturing growing for the first time in one-and-a-half years. China's manufacturing activity expanded for the first time in six months in March.
Meanwhile, the S&P Metal index traded 0.55 per cent higher at 30,025.51 levels. Vedanta (up over 4 per cent), SAIL (up 4 per cent) and Hindalco (up 2.5 per cent) were among the top gainers on the index.
According to Motilal Oswal Financial Services (MOFSL), the metal sector is projected to report a 12 per cent YoY earnings decline in Q4FY24 on a weak base of 4QFY23. The brokerage further says that BFSI and metals are likely to be the key earning drivers for the current fiscal year, with 19 per cent and 34 per cent YoY growth, respectively. These two sectors are likely to contribute 64 per cent of incremental earnings for FY25E, it added.
Shares of HZL ended at Rs 398.65 apiece on the BSE, up 15.72 per cent. In a year, shares of the company have risen around 28 per cent. In comparison, the S&P Metal index has jumped 55.24 per cent while the benchmark Nifty50 has gained over 28 per cent during the same period.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.