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Hindustan Zinc share price gains over 4% on declaring highest dividend in 12 years

The Vedanta group subsidiary reported a 7% YoY fall in consolidated net profit at Rs 1,940 crore for the second quarter of the financial year 2021, as against Rs 2,081 crore during the same quarter last year

twitter-logoBusinessToday.In | October 21, 2020 | Updated 14:30 IST
Hindustan Zinc share price gains over 4% on declaring highest dividend in 12 years
Hindustan Zinc stock price has gained 10% since the beginning of the year

Shares of Hindustan Zinc gained over 4% on Wednesday's early session after the company declared an interim dividend of Rs 21.30, amounting to Rs 9,000 crore, its highest in 12 years. This implies a dividend yield of 9.5% to its closing price as on Oct. 20, 2020, according to a company filing with the stock exchange.

Hindustan Zinc shares today opened with a gain of 3.72% at Rs 231.25 on the BSE and climbed 4.17% to hit an intra-day high of Rs 232.25, against the last close of Rs 222.95. The Hindustan Zinc share price is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock has given 10.89% returns in the last 4 days of consecutive gains.

Hindustan Zinc stock price has gained 10% since the beginning of the year. Following the dividend announcement, shares of Vedanta Ltd., which holds 64.92% stake in Hindustan Zinc, also gained 5.19% intra-day and traded at Rs 104.35 apiece.

The Vedanta group subsidiary reported a 7% YoY fall in consolidated net profit at Rs 1,940 crore for the second quarter of the financial year 2021, as against Rs 2,081 crore during the same quarter last year. Total income of the company increased to Rs 6,050 crore in the July-September period from Rs 5,101 crore in the year-ago period.

Total expenses of the company during the July-Sept quarter stood at Rs 3,428 crore from Rs 3,014 crore in the same period last fiscal. Commenting on the results, company's CEO Arun Misra said, "On the back of streamlined operations, we continue to deliver record volumes despite the challenges posed by the pandemic. We are setting up Hindustan Zinc for its next phase of growth and are confident to deliver superior value to our stakeholders in a sustainable manner."

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