Silver prices hit record highs as Anil Agarwal calls it India's most strategic and multipurpose metal

As silver prices soared by over ₹6,000 in a single day to touch ₹1,23,500 per kg at the retail end, Vedanta Ltd. Chairman Anil Agarwal highlighted the metal's growing strategic and economic importance for India. The sharp rally, driven by global economic uncertainties, a weak rupee, and trade policy concerns comes at a time when silver is gaining traction not just as a precious commodity but as a critical industrial resource.

In a post on his social media handle, Mr. Agarwal described silver as "a most precious and strategic metal" with applications spanning from jewellery to advanced defence systems. Calling it a unique and multipurpose metal, he remarked, "Chaandi (Silver) has a unique mix of intrinsic value and functional application in new technologies."

He noted that India had no domestic silver production until Vedanta's Hindustan Zinc began producing the metal, crediting the team's pioneering research and effort. Expressing pride in their achievement, he added that "this is just the beginning."

Hindustan Zinc's silver production has grown 20X since government disinvestment in 2002. The company is looking at innovative ways to expand silver production and as part of its 2x growth plan is planning to increase its silver production to 1500-2000 metric tons from the current level of 700 metric tons.

The surge in prices further reinforces silver's pivotal role in India's growth story, with domestic production now poised to gain momentum amid global market volatility and rising industrial demand.

Shares of Vedanta Limited was last trading in BSE at Rs. 439.40 as compared to the previous close of Rs. 431.45. The total number of shares traded during the day was 720345 in over 8719 trades.

The stock hit an intraday high of Rs. 441.60 and intraday low of 433.10. The net turnover during the day was Rs. 316291235.00.

Source : Equity Bulls

Keywords

Vedanta INE205A01025 VEDL Aluminium SilverPrice RecordHigh