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Last Updated : Aug 06, 2020 09:40 AM IST | Source: Moneycontrol.com

Hindustan Zinc shares hit 52-week high after Citi retains buy, raises target to Rs 240/sh

Citi expects 8 percent dividend yield with likely upside and has raise FY21-23 EBITDA estimates by 9-18 percent.

 
 
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Hindustan Zinc share price jumped over 6 percent in the morning trade on August 6 after global research firm Citi maintained buy call on the stock.

Citi has maintained buy on the stock and has raised target to Rs 240 from Rs 205 per share. The firm is of the view that the company has largely tended to move in tandem with zinc LME and has a bullish view on silver. Strong dividend yield expectations augur well, according to a report by CNBC-TV18.

Citi expects 8 percent dividend yield with likely upside and has raise FY21-23 EBITDA estimates by 9-18 percent.

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The company reported a 23 percent fall in net profit for the first quarter of FY21 at Rs 1,359 crore as against Rs 1,765 crore in the same quarter last year.

Hindustan Zinc’s net revenue in Q1 stood at Rs 3,989 crore, a fall of 20 percent as against Rs 4,987 crore in FY20 due to a 29 percent fall in Zinc LME prices, and a 11 percent fall in Lead LME prices and COVID-19 impacted lower volumes, the company said.

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First Published on Aug 6, 2020 09:40 am
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