Hindustan Zinc declares second interim dividend of 300%; check the details here!

The Indian benchmark indices extended their upward momentum as the BSE Sensex approached the 70,000 level. The utility and power sectors spearheaded the sectoral gains, propelled by a strong rebound in Adani Group stocks. The momentum was further bolstered by the strong performance of the oil and gas, FMCG and capital goods sectors. Conversely, telecommunications, real estate, and banking stocks witnessed significant declines. With 1,965 shares rising on the BSE and 1,612 shares declining, the advance-decline ratio remained in favour of advances.

Dividend updates 

Hindustan Zinc, the largest zinc-lead miner in India and the second-largest globally, continued to make headlines with the recent announcement that its board of directors has approved the payment of a second interim dividend of Rs 6 per equity share, constituting 300% on the face value of Rs 2 per share for the financial year 2023-24. The total amount allocated for this dividend stands at Rs 2,535.19 crore. The record date for the interim dividend is scheduled for December 14, 2023.

The shares experienced a modest uptick of 2% in the initial trades of the session, reaching an intraday high of Rs 331.80 per share on the BSE. These shares, which had been trading within a narrow range throughout the past year, have witnessed a notable surge of approximately 10% in the last month.

About the company 

Boasting over 50 years of operational expertise, Hindustan Zinc is a key player in the zinc industry, contributing significantly to India’s primary zinc sector with an 80% market share. Additionally, the company holds the distinction of being the world’s sixth-largest silver producer, with an impressive annual capacity of 800 metric tons. As a subsidiary of Vedanta Limited, Hindustan Zinc is majority-owned by Vedanta, holding a 64.9% stake, while the Government of India maintains a 29.5% ownership interest in the company.

Keep a close eye on this stock for the upcoming trading sessions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.