Hindustan Zinc trades higher on inking MoU with AEsir Technologies
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Hindustan Zinc is currently trading at Rs. 669.95, up by 22.30 points or 3.44% from its previous closing of Rs. 647.65 on the BSE.
The scrip opened at Rs. 656.95 and has touched a high and low of Rs. 683.95 and Rs. 642.00 respectively. So far 230563 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 807.00 on 22-May-2024 and a 52 week low of Rs. 285.00 on 15-Mar-2024.
Last one week high and low of the scrip stood at Rs. 677.80 and Rs. 630.00 respectively. The current market cap of the company is Rs. 283624.54 crore.
The promoters holding in the company stood at 64.92%, while Institutions and Non-Institutions held 33.12% and 1.96% respectively.
Hindustan Zinc has signed a Memorandum of Understanding (MoU) with AEsir Technologies, Inc., a US-based company specializing in next-generation zinc battery technologies. Under this MoU, Hindustan Zinc will be the preferred supplier of zinc, a key raw material for AEsir Technologies' next-generation batteries. Zinc-based batteries provide a compelling alternative to other modern energy storage solutions, delivering higher power at lower costs with minimal maintenance and longer lifespans of upto 20 years. This makes them ideal for large-scale energy storage in industrial settings.
The MoU is in line with Hindustan Zinc’s efforts towards exploring emerging applications of zinc in the clean energy transition. Zinc batteries are revolutionizing energy storage due to their corrosion resistance, cost-effectiveness, recyclability, stability, and environmental friendliness. They offer broader temperature tolerance, and reliable backup power for extended periods (3-72 hours) compared to other metals. They are built with non-flammable materials, are non-reactive to air and water, and produce no toxic fumes, ensuring greater safety. Additionally, Zinc-based batteries are recyclable, use non-hazardous raw materials, and have a greenhouse gas (GHG) footprint six times lower than other technologies.
Hindustan Zinc, the world’s second biggest zinc producer, operates the world’s third largest open-pit mine, and world’s largest Zinc Mine in Rampura Agucha, Rajasthan.
