Despite dull business, downside limited for Hindustan Zinc stock

Hindustan Zinc managed to report stable volumes for the March quarter (Q4FY20), but its performance was pulled down by low zinc and lead prices.   On the London Metal Exchange (LME), the prices (per tonne) of zinc at $2,128 and lead at $1,847 were down 21 per cent and 9 per cent year-on-year, respectively, in Q4. It was the mined metal production, which despite the lockdown was up 2 per cent year-on-year at 249,000 tonnes, on the back of better ore grades that provided a cushion. As a result, revenues at Rs 4,391 crore, despite being down 20 per cent year-on-year in Q4, were .....

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