scorecardresearchHindustan Zinc gains over 3% after Q3 mined metal production rises to 2,54,000 tonnes

Hindustan Zinc gains over 3% after Q3 mined metal production rises to 2,54,000 tonnes

Updated: 03 Jan 2023, 12:33 PM IST
TL;DR.
Hindustan Zinc is planning to set up a 0.5 million tonne (MT) per annum fertilizer manufacturing plant at Chanderiya in the Chittorgarh district of Rajasthan.
Hindustan Zinc is planning to set up a 0.5 million tonne (MT) per annum fertilizer manufacturing plant at Chanderiya in the Chittorgarh district of Rajasthan.

Hindustan Zinc is planning to set up a 0.5 million tonne (MT) per annum fertilizer manufacturing plant at Chanderiya in the Chittorgarh district of Rajasthan.

Shares of Udaipur-based Hindustan Zinc rose 3.3 percent on Tuesday, January 3, after the company informed that its mined metal output registered a marginal rise of one percent to 2,54,000 tonnes in the third quarter of the current fiscal.

The mined metal production was "driven by higher ore production and marginally down QoQ (Quarter-on-Quarter) due to overall mined metal grades", the company said in an official statement.

During Tuesday’s trade, the stock opened at a price of Rs. 329.45 per share against the previous close of Rs. 325.10 per share and grew further during the early trading session to touch an intraday high of Rs. 336.10. It was trading at 333.40, up by 2.55 percent, at 11:50 a.m. on the NSE.

The stock touched a 52-week high of Rs. 371.70 on March 3, 2022 and a 52-week low of Rs. 242.05 on July 6, 2022, indicating that at the current level, the stock is trading over 37 percent above its 52-week low and 10 percent below its 52-week high.

The stock has grown over 6 percent in the last one month. Moreover, in the past six months, it has given a positive return of nearly 35 percent. The stock has increased by almost 7 percent in the last five years.

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The company's mined metal production was 2,52,000 tonnes in the year-ago period. Its refined metal production at 2,57,000 tonnes declined two percent during the period under review.

Hindustan Zinc's integrated zinc production during the third quarter dropped by two percent to 2,10,000 tonnes.

In other news, Hindustan Zinc is planning to set up a 0.5 million tonne (MT) per annum fertilizer manufacturing plant at Chanderiya in the Chittorgarh district of Rajasthan.

The facility will primarily generate phosphatic fertilizers, such as di-ammonium phosphate (DAP) and NPK nutrients, when it is put into operation in the following two years. HZL will invest roughly 2,500 crore in the fertilizer plant, which would include a roaster plant.

In September 2022, the company formed a subsidiary, Hindustan Zinc Fertilizers (HZF). The main objective of the entity is to carry on manufacturing, selling and dealing with multiple grades of nitrogenous, phosphatic, and potassic fertilizers.

Hindustan Zinc Limited is an India-based company, which is engaged in the mining and smelting of zinc, lead and silver metal in India. The company operates through two segments: zinc, lead, silver & others, and wind energy. The company has a rock phosphate mine in Matoon, near Udaipur in Rajasthan and zinc, lead, silver processing and refining facilities in the state of Uttarakhand.

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First Published: 03 Jan 2023, 12:33 PM IST