Shares of Hindustan Zinc Limited (HZL), a Vedanta Group company, will be in focus on Thursday after the firm announced it has received a Letter of Intent (LoI) from the Ministry of Mines for a major mineral block in Rajasthan.The LoI pertains to the grant of a composite license for the JhandawaliSatipura Amalgamated potash and halite block, located in the Hanumangarh district and spanning 1,841.25 hectares.
The license was awarded through an e-auction process, in which Hindustan Zinc emerged as the preferred bidder.Also Read: 9 undervalued mid-cap stocks with upside potential of up to 23%Hindustan Zinc reported its highest-ever Q1 mined metal production at 265 kilo tonnes, up 1% year-on-year.
However, production was down 15% sequentially due to routine mine preparation activities during the quarter.Refined metal output stood at 250 kilo tonnes, down 5% YoY and 7% QoQ.
This included 202 kilo tonnes of refined zinc and 48 kilo tonnes of refined lead, both impacted by lower plant availability and scheduled maintenance shutdowns.
Meanwhile, Hindustan Zinc Alloys, a wholly owned subsidiary, recorded its highest-ever quarterly production at 5.1 kilotonnes.Live EventsSilver production declined to 149 tonnes, down 11% YoY and 16% QoQ, largely due to lower silver content from the SK mine and a high base in the previous quarter owing to work-in-progress liquidation.Wind power generation rose sharply to 134 million units, up 24% YoY and 113% sequentially, supported by seasonal wind patterns.Also Read: SBI, Federal Bank among 11 banks that saw NPA improvement in Q4(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own.
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