Hindustan Zinc shares surged nearly 19 percent to hit a 52-week high of Rs 540.95 apiece on May 10 tracking a spike in zinc prices. The commodity's price on the London Metal Exchange rose over 2 percent to $2,955, fueled by positive China trade data, which reflected growth in imports and exports in April.
Shares of Hindustan Zinc ended 16 percent higher at Rs 529 apiece on the NSE.
China's positive trade data also indicated a rebound in domestic and overseas demand, which works well for zinc prices given that the country is a major consumer and producer of the metal.
Alongside, a spike in zinc prices bodes well for Hindustan Zinc as it is involved in the business of mining and refining the metal.
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Apart from this, the company also approved an interim dividend of Rs 10 per equity share, which will cost it Rs 4,225.32 crore.
In the March quarter, Hindustan Zinc reported revenue of Rs 7,549 crore, with margins exceeding estimates at 48.3 percent. Notably, the company transitioned from net debt position of Rs 370 crore in the December quarter to net cash worth Rs 1,700 crore by the end of March quarter.
Management also rolled out projections for increased production of both mined metal and refined metal in FY25 compared to FY24. Furthermore, project capital expenditure for the year is anticipated to fall within the range of $270 million to $325 million.
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