Jefferies has raised its target prices for Hindustan Zinc and Hindalco Industries, while maintaining a more positive view on Hindustan Zinc. The brokerage kept a Buy rating on Hindustan Zinc and a Hold rating on Hindalco. The two companies are mainstays of India's listed metals sector: Hindustan Zinc, a Vedanta group company, is one of the world's largest integrated zinc-silver producers, while Hindalco is the Aditya Birla group's metals flagship, spanning the aluminium value chain from bauxite mining to downstream products, alongside a copper business and its global rolling arm Novelis.

The firm said stronger zinc and silver prices are likely to support Hindustan Zinc's earnings; the company is also counted among the world's largest silver producers. In contrast, softer aluminium prices and higher debt could weigh on Hindalco's performance.

Jefferies raised its estimates for Hindustan Zinc and said silver and zinc prices are expected to outperform aluminium. Both companies' earnings are tied to global commodity benchmarks — zinc and aluminium trade on the London Metal Exchange and silver on international bullion markets — and Jefferies' preference for Hindustan Zinc over Hindalco rests on the same variables it flagged: the current commodity price outlook and balance-sheet considerations. Analyst ratings and target prices reflect the brokerage's own assessment and are typically revised as commodity cycles and company fundamentals evolve.

Hindalco Industries, National Aluminium Company, MMP Industries, Maan Aluminium, and Manaksia Aluminium Company were among the stocks referenced in the coverage, along with Hindustan Zinc and Jefferies' target-price revision.

The article also noted related market links on zinc prices, silver, aluminium prices, and company pages for Hindalco Industries and Hindustan Zinc.