Metal miners seem to be on a rally. Record production volumes and surging toplines have kept the stocks in the green through the last six months with the BSE Metal index gaining 13.8 percent during the period.
A look into the production figures of Indian metal mining companies for the fourth quarter of the financial year indicates that the rally will last for now.
Hindustan Zinc announced that it mined 2.95 lakh tonnes since UG transition in the fourth quarter. This is also the highest-ever mined metal production for the company during the period, with production up 17 percent over the third quarter, and up 3 percent over the previous corresponding period.
The record ore production was supported by better mining grades. Further, refined metal production in Q4 grew by 2 percent year-on-year (YoY) at 2.6 lakh tonnes, but stayed flat sequentially.