Emkay Global in a fresh note on Vedanta said Hindustan Zinc (HZL) is a key beneficiary of the uptrend in silver prices, which are up 63 per cent in 2025 so far. It believes the exposure to silver is underpriced as the consensus expectations trail the strong move in silver in recent months with the metal now trading at $47 oer ounce against $34 in Q1 and $30 in FY25. Advertisement

"Silver prices are witnessing a strong uptrend on the back of a structural supply/demand deficit (with annual supply of 1 billion oz, while demand is estimated at 1.1 billion oz), with a global cyclical recovery alongside a weak dollar acting as a tailwind," Emkay Global said.

Global peers like Fresnillo and Grupo Mexico have already re-rated year-to-date. Emkay Global, therefore, sees a strong potential for H

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