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Home News Hindustan Zinc shares trade ex-dividend today on record date; stock falls

Hindustan Zinc shares trade ex-dividend today on record date; stock falls

Hindustan,

Hindustan Zinc Ltd stock declined by more than 2%, The stock began exchanging ex-profit on record date as 295 on BSE in the early exchanging meeting on Wednesday, which is fixed on Walk 29, 2023.

The billionaire Anil Agarwal-owned Hindustan Zinc Limited declared its fourth interim dividend, worth 10,985.8 crores, at 26 cents per share. As previously stated, the record date for dividend payment is March 29, 2023, according to the exchange filing.

India’s largest integrated zinc, lead, and silver producer HZL has declared its highest dividend ever with this fourth dividend. 32,000 crore for FY23.

On July 20, 2022, Hindustan Zinc traded ex-dividend for the first time in the three previous interim dividends. 21 for FY23 per share. Traded Ex-Dividend to be paid on November 23, 2022, at 15.50 cents per share, and on January 30, 2023, at 13 cents per share, for FY23.

Since the Indian government, which has approximately 30, strongly opposes a plan to raise $3 billion by selling a zinc manufacturing unit to Hindustan Zinc Ltd., Vedanta Resources is relying heavily on dividends from its units to help reduce its $7.7 billion net debt. Bloomberg reports that Hindustan Zinc has threatened legal action to prevent the sale due to concerns about related party transactions and high valuations.

In the meantime, Vedanta Ltd. will pay a fifth dividend for the fiscal year that ends on Friday, and parent company Vedanta Resources Ltd. is trying to get money to pay down debt. Bloomberg’s calculations indicate that Vedanta Ltd. will pay out approximately 377 billion rupees for the year, including the earlier dividend.

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