Upgrade to BUY with a TP of Rs 340 (8.0x September 2019 EBITDA). We visited Hindustan Zinc (HZL) operations (Sindesar Khurd (SK) Mine and Dariba smelter) and interacted with the management for Vedanta Zinc Day. Our key takeaways of the visit are (1) SK mine on track to help deliver 1.2 mTPA by 2020; (2) Near doubling of silver production potential from ~500 T to 1,000T and (3) Strong R&R;/exploration inventory to fuel the next phase (1.5 mTPA), possibly with additional silver beyond 1000T.