Hindustan Zinc Shares: Check target price by brokerage

Shares of metals and mining company Hindustan Zinc Ltd ended in red on Friday i.e. February 16. However, brokerage firm Phillip Capital is bullish on this company. 

The brokerage has maintained a neutral rating but hiked its target by Rs 25 or over 8 per cent. Phillip Capital said that it expects the prices to recover in 2HCY24 aided by Chinese demand.  

Earlier, Hindustan Zinc Ltd posted a 6 per cent decline in consolidated net profit to Rs 2,028 crore during the quarter ended December 2023, dragged by lower income.

It had clocked Rs 2,156 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

On a quarter-on-quarter basis, the profit grew 17 per cent as against Rs 1,729 crore in the July-September quarter. During the quarter under review, the company's total income reduced to Rs 7,606 crore from Rs 8,214 crore a year ago.

Its expenses were Rs 4,937 crore as against Rs 5,028 crore in the year-ago period. Hindustan Zinc is the world's second-largest integrated zinc producer and fifth-largest silver producer.

The Udaipur-based company holds about 80 per cent of the growing zinc market in the country.