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Sensex Today Ends Higher | Nifty Tops 22,050 | Hindustan Zinc Up 16% on 500% Dividend Announcement
Fri, 10 May Closing

Sensex Today Ends Higher | Nifty Tops 22,050 | Hindustan Zinc Up 16% on 500% Dividend Announcement

On Friday, Indian share markets traded on a positive note throughout the trading session and ended higher.

Benchmark indices turned volatile in the afternoon session but soon regained momentum, driven by strength in auto and energy stocks following positive global developments.

At the closing bell, the BSE Sensex stood higher by 260 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 98 points (up 0.4%).

NTPC, Power Grid and Asian Paints were among the top gainers today.

TCS, Infosys and Wipro, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,132, up by 4 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended higher by 0.8%.

Sectoral indices ended mixed with stocks in the telecom sector, energy sector, FMCG sector and metal sector witnessing most of the buying.

While IT, banking and realty stocks witnessed selling.

Shares of Polycab, Astral and Netweb Technologies hit their respective 52-week highs today.

The rupee is trading at 83.48 against the US$.

Gold prices for the latest contract on MCX are trading up by 1.4% at Rs 72,700 per 10 grams.

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Why Dixon Technologies Share Price is Rising

In news from the consumer electronics space, Dixon Technologies share price rallied 3% today.

This positive sentiment was on the back of the company recently announcing steps to fuel its growth and support India's digital expansion.

Dixon Technologies has signed an agreement with Nokia to develop and manufacture telecom equipment.

The equipment will include fixed wireless access points and routers, to be developed for Nokia.

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The deal is expected to earn the company a massive amount of Rs 15 billion (bn).

According to the vice chairman and managing director of Dixon, the product development is at its final stages, and commercial production will start from June or July of 2024.

With a good industry outlook and an emphasis on innovation and expansion, the company's share price and earnings have grown consistently.

Here's a table comparing Dixon with its peers -

CompanyMarket Cap (INR m)Current Market Price (INR)5-Yr Net Profit CAGR (%)ROE (%)P/E (x)
Dixon Technologies505.38,4413322.5143.3
Voltas436.71,319-144.4174.9
Crompton Greaves Consumer Electricals21.9341718.150
KEI Industries342.83,7961420.358.8
Orient Electric49.1230313.567.6
Polycab India888.95,914282053
Syrma SGS85.2480NA11.273.4
V-Guard Industries153.935461276
Blue Star294.61,430172171
Havells India1,059.401,6891018.183.4
Data Source: Screener.in

Hindustan Zinc Zooms 13%

Hindustan Zinc share price surged over 13% to hit a 52-week high on May 10 tracking a spike in zinc prices.

The commodity's price on the London Metal Exchange rose over 2% to US$2,955, fueled by positive China trade data, which reflected growth in imports and exports in April 2024.

China's positive trade data also indicated a rebound in domestic and overseas demand, which works well for zinc prices given that the country is a major consumer and producer of the metal.

A spike in zinc prices bodes well for Hindustan Zinc as it is involved in the business of mining and refining the metal.

Apart from this, the company also approved an interim dividend of Rs 10 per equity share.

During the most recent quarter gone by, the management of Hindustan Zinc rolled out projections for increased production of both mined metal and refined metal in the coming year FY25.

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Furthermore, project capital expenditure is anticipated to fall within the range of $270 million to $325 million.

Hindustan Zinc shares ended near the day's high today.

In 2024 so far, shares of the company have already rallied 62%.

Hindustan Zinc in 2024 so far

Here's a table comparing Hindustan Zinc with its peers -

CompanyHindustan ZincGravitaHindalcoRam Ratna WiresVedanta
ROE (%)44.541.811.716.127.8
ROCE (%)50.131.811.217.521.3
Latest EPS (Rs)18.434.641.811.111.4
TTM PE (x)24.826.314.832.834.6
TTM Price to book (x)12.77.51.44.14.8
Dividend yield (%)2.90.60.50.72.8
Industry PE20.7
Industry PB3.5
Data Source: Ace Equity

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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