Hindustan Zinc stock rises 6% after firm announces interim dividend

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 with a gain of 4.08 per cent at Rs 282.95. Hindustan Zinc stock stands higher than the 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.

The share has lost 15.17 per cent in one year and fallen 10.24 per cent since the beginning of this year. Total 4.24 lakh shares of the firm changed hands amounting to a turnover of Rs 12.08 crore on BSE.

Market cap of the firm rose to Rs 12.17 lakh crore. The share hit a 52-week high of Rs 407.90 on October 18, 2021 and a 52-week low of Rs 242.50 on July 6, 2022.

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Hindustan Zinc will end up paying a total dividend amounting to Rs 8,873.17 crore for the fiscal year 2022-23.

"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 announce the dividend was taken at the meeting of the board of directors. "The record date for the purpose of payment of interim, as already communicated is Thursday, July 21, 2022," it added.

The interim dividend will be paid within stipulated timelines as prescribed under law, the exchange filing further noted.

The firm reported a 18 per cent year-on-year (YoY) rise in net profit at Rs 2,928 crore for the fourth quarter ended March 31, 2022, led by higher volumes and metal prices.

The company reported a net profit of Rs 2,481 crore in the corresponding quarter of last year.

Revenue from operations rose 26.6 per cent to Rs 8,797 crore in Q4 from Rs 6,947 crore in the corresponding quarter of the last fiscal led by higher zinc volumes and zinc LME prices, as well as favourable exchange rates while partially offset by lower lead and silver volumes.