Hindustan Zinc bounces after 10-day slump

Hindustan Zinc spurted 4.84% to Rs 181 on bargain hunting after a recent slide.

Shares of Hindustan Zinc fell 11.46% in the past ten trading sessions to settle at Rs 172.65 yesterday, 26 February 2020, from its close of Rs 195 on 11 February 2020.

On the technical front, the stock's RSI (relative strength index) stood at 34.997. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading between its 5-day moving average (DMA) placed at Rs 178.73 and its 10-DMA placed at Rs 183.50.

Hindustan Zinc's standalone net profit tanked 26.7% to Rs 1,620 crore on a 15.7% decline in net sales to Rs 4,626 crore in Q3 December 2019 over Q3 December 2018.

Hindustan Zinc is engaged in the mining and smelting of zinc, lead and silver metal in India. The firm's segments include mining and smelting of zinc, lead and silver, and wind energy.

As of 31 December 2019, the Government of India held 29.59% stake in the company.

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