On 1ST Nov, Hindustan Zinc shares surged nearly 8 per cent to touch a 52-week high of Rs. 271 post the global price of zinc hit a 5-year high on China manufacturing data.
Activity in China's manufacturing sector extended at a faster pace than anticipated in October, an official survey read adding to views the world's second-largest economy is stabilizing thanks to a construction boom. Hindustan Zinc prices rose to 1.1 per cent on the London Metal Exchange to $2,485 a ton, its highest since August 2011.
Zinc's 54-per cent gain this year marks it the LME's top performer, amidst dwindling supply and demand in the steel sector.
Tracking a surge in zinc prices, shares of Hindustan Zinc have rallied this year. Hindustan Zinc shares have advanced 63 per cent in the past six months as compared to a 12 per cent gain in the broader Nifty50 Index. Hindustan Zinc had disclosed a net profit of Rs. 1,902 crore in the September quarter, up 83 per cent Q-o-Q on a 38 per cent sequential rise in revenues to Rs. 3,820 crore.
As the trading session commenced on 2nd Nov, Hindustan Zinc share price is trading at Rs. 271.65, down by 0.33 per cent. The stock opened at Rs. 271.75 against its previous closing at Rs. 272.55.
Hindustan Zinc share price touched its 52 week low value at Rs. 135.80 on 20th Jan ’16.
Hindustan Zinc is analyzed by Dynamic Levels as the top 500 performing stocks for this quarter among the 1700 stocks which are listed on the NSE. Hindustan Zinc is fundamentally strong and is safe for investment, as per Dynamic analysts.
In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to Hindustan Zinc share price history.
Source: www.dynamiclevels.com
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