Vedanta Subsidiary Stock Jumps 107.91% YTD, Investec Recommends Sell For TP Rs 345

Brokerage firm Investec recommended sell call to Vedanta Subsidiary Hindustan Zinc share with target price of Rs 345 per share from Rs 260 earlier. Current market price of Hindustan Zinc shares on BSE is Rs 662.00 per share with intraday fall of 1.55%. The company's market capitalisation stood at Rs 2,79,716.12 crore as on June 14, 2024. Hindustan Zinc shares offered eye-popping returns year-to-date as the stock zoomed by 107% and surged by 118% in last 3-months. Check key details below:

Hindustan Zinc Declares 14% Decline In GHG Emission Intensity In Just 4 Years: As per the regulatory filing issued as on June 5, 2024, "Hindustan Zinc achieved significant milestones in reducing its carbon footprint. Through the strategic use of advanced technology, the company has recorded a 14% decrease in GHG (greenhouse gas) emission intensity compared to the base year 2020, while increasing production each year. Hindustan Zinc, recognized as the world's most sustainable company in the metals and mining sector, as per S&P Global Corporate Sustainability Assessment 2023 continues to make significant strides in its journey towards decarbonisation & achieving SBTi (Science Based Targets Initiative) validated targets to become Net Zero by 2050."

Hindustan Zinc Dividend: Board of Hindustan Zinc on May 7, 2024 declared an Interim Dividend of Rs. 10/- per equity share i.e. 500% on face value of Rs. 2/- per equity share for the Financial Year 2024-25 amounting to Rs. 4,225.32 Crores. The company set May 15, 2024 as record date.

Hindustan Zinc Share Performance: The 52-week high price of Hindustan Zinc stock is Rs 807.00 apiece (as on 22/05/2024) and 52-week low price is Rs 285.00 apiece (as on 15/03/2024), respectively. Hindustan Zinc share slipped over 3% in last 1-week, gained over 18% in last 1-month, jumped 107% year-to-date, offered return of 119% in last 1-year, and rose 141% in last 2-years.

Hindustan Zinc Financials: The Vedanta subsidiary announced a fall of 21% year-on-year (YoY) in its Q4 net profit to Rs 2038 crore due to depressed zinc price all across the world as demand has been rising at a lower rate than supply. It announced consolidated net profit at Rs 2,583 crore. Sequentially, net profit rose marginally by 0.5% from Rs 2028 crore in Q3. The large cap company's revenue from operations for the March 2024 quarter announced at Rs 7,285 crore, down 12% from Rs 8281 crore declared an year ago.

The firm's consolidated EBITDA declared at Rs 3637 crore for the quarter ended March 31, 2024, down 14% as against Rs 4208 crore declared in the corresponding quarter of last year. The company said that declined in revenue was due to lower zinc and lead prices and lower lead volume partly offset by higher silver and zinc volumes, silver prices, and favourable exchange rates, according to the exchange filing.

Hindustan Zinc Bonus Share History: It announced 1 bonus issue since March 7, 2011. Its last bonus share was announced in the proportion of 1:1 with ex-bonus date fixed as March 7, 2011.

Hindustan Zinc Ltd About: Hindustan Zinc is India's largest and world's second largest integrated zinc producer. It is the 5th largest silver producers globally with an annual capacity of 800 MT. It is a subsidiary of Vedanta Limited which owns 64.9% stake in the Company while the Government of India retains a 29.5% stake. Hindustan Zinc's operations comprise lead-zinc mines, hydrometallurgical zinc smelters, lead smelters, pyro metallurgical lead-zinc smelter as well as sulphuric acid and captive power plants in northwest India, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Investec. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.