Hindustan Zinc shares Rise 4% on dividend announcement of 950% for FY25 | News on Markets
Hindustan Zinc shares Rise 4% on dividend announcement of 950% for FY25 | News on Markets
Hindustan Zinc dividend news: Shares of Hindustan Zinc, a subsidiary of the mining conglomerate Vedanta, jumped 3.56 per cent to Rs 513.40 on the BSE during intra-day trade on Tuesday. The surge in the stock price followed news that the company’s board had considered and approved the second interim dividend for FY24. In a regulatory filing, Hindustan Zinc stated that its board declared a dividend of Rs 19 per equity share, or 950 per cent on the face value of Rs 2 per equity share, for the financial year 2024-25, amounting to Rs 8,028.11 crore.
The company had already fixed Wednesday, August 28, 2024, as the record date for the purpose of dividend payment. Hindustan Zinc further stated that the interim dividend shall be duly paid within the stipulated timelines as prescribed by law.
Earlier, Vedanta, in an exchange filing on August 19, 2024, informed the exchanges that its shareholding in Hindustan Zinc had become 63.42 per cent of the total issued and paid-up equity share capital of the company after offloading a 1.51 per cent stake through an offer for sale held on August 16, 2024, and August 19, 2024.
“…due to the sale of 63,605,891 equity shares of face value of Rs 2 each (Equity Shares) held by us in our subsidiary, Hindustan Zinc Limited (Company) (representing 1.51 per cent of the total issued and paid-up equity share capital of the Company), by way of an offer for sale through the stock exchange mechanism held on August 16, 2024, and August 19, 2024… our shareholding in the Company has become 63.42 per cent of the total issued and paid-up equity share capital of the Company,” Vedanta said in a regulatory filing.
As of August 2024, Hindustan Zinc commands a market capitalisation of Rs 2,16,568.73 crore. The company is a constituent of the BSE 200 index.
According to BSE analytics, Hindustan Zinc shares have yielded a return of 60.43 per cent year-to-date. However, the company’s shares have fallen 12.01 per cent in the last one week and 20.11 per cent in the last one month. Nevertheless, Hindustan Zinc shares have surged 64.19 per cent in the last six months and 62.44 per cent in the last year, as reflected by the BSE analytics.
At around 1:44 pm, Hindustan Zinc shares were trading at Rs 512, up 3.28 per cent from their previous close of Rs 495.75 on the BSE. Nearly 12.94 lakh equity shares of Hindustan Zinc worth around Rs 65.10 crore exchanged hands on the BSE.
Hindustan Zinc shares are still 36.55 per cent lower than their 52-week high of Rs 807, which they hit on May 22, 2024, on the BSE.
First Published: Aug 20 2024 | 2:18 PM IST
