Shares of Hindustan Zinc today hit a 3-week low. The stock plunged as much as 4.7 per cent to Rs 311.5, its lowest since April 16. The stock posted its biggest intraday percentage loss since March 23.
The company, a unit of Vedanta Ltd, had on Monday posted a 18 per cent drop in fourth-quarter net profit.
According to Macquarie, there is better growth visibility but it lacks near-term triggers. It has maintained 'Outperform' rating; the brokerage says the stock should remain range-bound in the near term.
HSBC says Q4 EBITDA is broadly in line and ahead of consensus estimates. It adds that tightening zinc markets and rising silver output support the company’s robust outlook.
HSBC has raised the price target to Rs 390 from Rs 370; it has retained 'Buy' rating. Fifteen of 27 brokerages have rated the stock as “buy” or higher, 9 “hold” and 3 “sell”; their median price target is Rs 335, according to Thomson Reuters Eikon data.
The stock has risen nearly 6 per cent this year up to Monday's close.
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