Hindustan Zinc reported a healthy set of Q4FY18 numbers. The performance was above our estimates. HZL reported operating income of | 6277 crore (up 0.3% YoY, 6.0% QoQ, vs. our estimate of |6151 crore). Zinc sales volume for the quarter came in at ~210000 tonnes (down 3.2% YoY, up 5% QoQ, in-line with our estimate of ~210000 tonnes). Lead sales volumes came in at ~50000 tonnes (up 6.4% YoY, 8.7% QoQ, higher than our estimate of ~47000 tonnes). While the silver sales came in at ~167000 kg (up 23.7% YoY, 26.5%...