Shares of Hindustan Zinc gained 6 per cent today after the Vedanta group firm said its board has approved an interim dividend of Rs 21 per equity share. Hindustan Zinc stock climbed 5.94 per cent to Rs 288 against the previous close of Rs 271.85 on BSE.
The large-cap stock opened up 4.08 percent higher at Rs 282.95. The stock of Hindustan Zinc is trading above the 5-day, 20-day, and 50-day moving averages but below the 100-day and 200-day moving averages.
The stock has dropped 15.17 percent in a year and 10.24 percent since the beginning of this year. On the BSE, 4.24 lakh shares of the company changed hands, resulting in a turnover of Rs 12.08 crore.
The company’s market capitalization increased to Rs 12.17 lakh crore. On October 18, 2021, the share reached a 52-week high of Rs 407.90 and a 52-week low of Rs 242.50 on July 6, 2022.
For the fiscal year 2022-23, Hindustan Zinc will pay a total dividend of Rs 8,873.17 crore.
“We wish to inform you that the Board of Directors of the Company through a resolution passed by circulation on Wednesday, July 13, 2022, has approved Interim Dividend of Rs 21 per equity share i.e. 1050 percent on the face value of Rs 2 per share for the financial year 2022-23 amounting to Rs 8,873.17 crore,” the regulatory filing stated.
The decision to declare the dividend was made at the board of directors meeting. “The record date for the purpose of interim payment, as previously communicated, is Thursday, July 21, 2022,” it added.
The interim dividend will be paid within the timeframes specified by law, according to the exchange filing.
Higher volumes and metal prices drove an 18% year-on-year (YoY) increase in net profit to Rs 2,928 crore for the fourth quarter ended March 31, 2022.
In the same quarter last year, the company reported a net profit of Rs 2,481 crore.
Revenue from operations increased 26.6 percent to Rs 8,797 crore in Q4 from Rs 6,947 crore in the previous fiscal quarter, owing to higher zinc volumes and LME prices, as well as favourable exchange rates, offset in part by lower lead and silver volumes.
