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Home News Hindustan Zinc share price jumps 5% after announcement of 1300% dividend

Hindustan Zinc share price jumps 5% after announcement of 1300% dividend

 

Shares of Hindustan Zinc Limited, a member of the Vedanta Group, increased by 5%. 325.2 on Wednesday following the board of HZL’s approval of the fourth intermediate dividend. 26 per equity share, or a sum of 1,300%, for the fiscal year (FY) 2022–2023 would be 10,985.83 rupees.

In a filing with the BSE, Hindustan Zinc stated: “The Board of Directors of the Company at its meeting held on March 21, 2023 has authorized 4th Interim Dividend of Rs. 26 per equity share, i.e. 1300% on face value 2 per share amount for the financial year 2022-23 10,985.83 crore.

This brings the business led by Anil Agarwal’s payout to shareholders to a record 32,000 crore in this fiscal year, placing it among the top dividend payers in India.

Hindustan Zinc, located in Udaipur, has established March 29, 2023 as the record date for determining whether shareholders are qualified for the proposed dividend.

Within the time frame outlined by legislation, the fourth interim dividend will be paid.

According to the business, the said interim dividend will be paid to shareholders whose names are listed as beneficial owners of the shares as of March 29 in the company’s member register or in the depositories’ records.

By announcing the fourth interim dividend, HZL claimed to have announced its highest dividend ever for FY’23, totaling 32,000 crores.

Since June 28, 2001, the business has declared 39 dividends. According to data from Trendline, the business declared equity dividends worth 49.50 per share over the previous twelve months.

The largest and only integrated producer of zinc, lead, and silver in the nation is HZL, in which Vedanta owns a 64.92 percent stake and has long attempted to acquire the remaining government ownership.

The business runs the largest underground zinc mine in the world at its Rampura Agucha mine in Rajasthan’s Udaipur district.

The government, which owns a 29.54 percent stake in Hindustan Zinc, recently opposed Hindustan Zinc’s planned $2.98 billion acquisition of Vedanta Ltd.’s zinc assets because Vedanta is a cash-strapped oil-to-metals conglomerate with its headquarters in Rajasthan. A cow is present and is pushing out. huge rewards.

The company also stated that the board has taken notice of the letter from the Ministry of Mines that was received on February 17, 2023.

The mines ministry opposed Vedanta’s plan to sell the zinc assets and threatened legal action to halt the sale of the assets located in Africa to HZL in a letter to Hindustan Zinc dated February 17.

The mines ministry had stated the deal was a “related party transaction” and the government would like to “reiterate” its disagreement in a letter to HZL that the business posted to stock exchanges.

The stock gained 2.25 percent at the end. 317.60. Over the past six months, the shares have increased by more than 14%.

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