Hindustan Zinc shares gain 2% as refined metal output hits record high in FY23

Shares of Hindustan Zinc traded over 2 percent higher on April 5 on the back of a record high production of refined metal in fiscal 2023.

The company’s refined metal production was up 7 percent on-year at 10.3 lakh tonnes for the fiscal ended March 31, it said in a press release. It was the first time that the production of refined metal had breached the one-lakh-tonne figure.

The company said higher production was due to better plant availability and consistent mined metal flow from mines.

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For the fourth quarter, Hindustan Zinc’s refined metal production was at 8.2 lakh tonnes, up 3 percent from 2022, and 5 percent from the third quarter of FY2023.

At 10.19am, the stock was trading at Rs 304.10 per share, up 2.1 percent from the previous close on the BSE.

Additionally, Hindustan Zinc’s mined metal production was 4 percent higher at 10.6 lakh tonnes, which was driven by higher ore production, improved mined metal grades and operational efficiencies.

During the fourth quarter of the financial year, the company’s mined metal production was at 3 lakh tonnes, up 2 percent over last year, while it was 19 percent higher from the previous quarter. This was also the highest-ever production in a single quarter.

Hindustan Zinc’s stock price has surged as much as 89 percent in the last three years. Returns from the stock has, however, declined more than 8 percent in the last one year.

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