Hindustan Zinc Falls 5% After Company Declares Dividend; Know Record Date, Other Details - News18
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Last Updated: July 10, 2023, 12:41 IST
Hindustan Zinc Dividend Announced
Hindustan Zinc Dividend: The downward move in the share price came after it declared an interim dividend; Know Record Date, Other Details
Shares of Hindustan Zinc (HZL) on Monday slipped over 5 per cent on the stock exchanges. The stock hit a day low of Rs 322.30 over its previous close of Rs 340.50. At today’s low price, the scrip traded 15.85 per cent lower from its 52-week high of Rs 383, hit on January 19 this year.
Although, it has gained 23.72 per cent from its one-year low price of Rs 260.50, a level seen on July 27, 2022. The returns given by Hindustan Zinc shares over the last 12 months stand at nearly 27 per cent, according to Trendlyne data which is higher than the return of 20 per cent given by Nifty50 during this time.
The downward move in the share price came after the company declared an interim dividend of Rs 7. In continuation to our letter dated July 5, 2023, and pursuant to Regulation 30 of Listing Regulations, we wish to inform you that the Board of Directors of the company through resolution passed by circulation on Saturday, July 8, 2023 have approved interim dividend of Rs 7 per equity share i.e. 350 per cent on face value of Rs 2 per share for the financial year 2023-24 amounting to Rs 2,957.72 crore," Hindustan Zinc stated in an exchange filing.
The record date for the purpose of payment of the interim dividend is Saturday, July 15.
Meanwhile, Vedanta shares gained as the company, which owns 64.92 per cent stake or over 274.31 crore shares in Hindustan Zinc, will likely be the biggest beneficiary of the payout and receive Rs 1920.21 crore as dividend money.
The counter’s 14-day relative strength index (RSI) came at 83.50. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-earnings (P/E) ratio of 13.68. It has a price-to-book (P/B) value of 11.12.
The scrip has a one-year beta of 0.49, indicating low volatility.
Hindustan Zinc is an integrated zinc producer. The company’s operations comprise lead-zinc mines, hydrometallurgical zinc smelters, lead smelters, pyro metallurgical lead-zinc smelter as well as sulphuric acid and captive power plants in northwest India.
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