Hind Zinc hits a new high

Hindustan Zinc has hit a new 52-week high at Rs.141.80, with volumes spiking up over one time. The stock has come off the high but remains strongly in the green, up almost 4% at Rs.137.75.

The stock is rejoicing the Cabinet Committee on Economic Affairs (CCEA) approved the sale of residual stake of 29.5% held by the Govt of India. Our Editor, Mr. SP Tulsian expects the stock price to move past Rs.145 in the next one month. He expects the stake sale to be concluded over the next one month at over Rs.165 per share. He opines that if Vedanta is able to buy residual stake from the Govt, it may see giving an open offer at the same rate to minority shareholders holding over 5% stake in HZL.