Hindustan Zinc Ltd. share price rose in Tuesday's session as the company announced setting up India's first zinc tailing processing unit. The Vedanta-Group company will set up the unit at Rampura Agucha, Bhilwara district, Rajasthan.
The new plant will have a capacity of 10 million tonn per annum. The zinc procession plant is part of Hindustan Zinc's capacity expansion plan. The company is investing Rs 3,823 crore and is targeted for completion within 28 months from zero date, the company said in the exchange filing.
Tailings are finely ground remnants from mineral extraction which is generally considered a waste. However, they have plenty of residual metal and minerals which are difficult to extract. Hindustan Zinc intends to support sustainability and contribute significantly to the circular economy.
Hindustan Zinc share price rose 1.55% to Rs 433.70 apiece. It pared gains to trade 0.06% higher at Rs 427.30 apiece as of 12:05 p.m. compared to 0.35% advance in the NSE Nifty 50 index.
The stock declined 13.77% in 12 months, and 3.7% on yeotal traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 46.83.
Out of 17 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.5%.
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