Hindustan Zinc zooms 6% after announcing an interim dividend of Rs21

14 Jul 2022 , 11:21 AM

Early on Thursday, when the corporate board approved an interim dividend for the fiscal year 2022—2023, shares of Hindustan Zinc rose as high as 6%.

An interim dividend of Rs21 per share has been declared by the zinc and other metal miner. The interim dividend’s record date is July 21, which is also the payment date.

Shares of Hindustan Zinc soared about 6% after the report, reaching Rs287.80, before trading at Rs284.35 at 11.20 am. The stock ended Wednesday’s trading session at Rs271.85.

The board of directors approved the decision at their meeting on Wednesday, according to the corporation. The exchange filing also stated that the interim dividend would be paid according to legal deadlines.

Days prior, Hindustan Zinc had announced a 14% increase in mined metal production, to 2,52,000 tonnes, during the first quarter of FY23.

Vedanta, founded by Anil Agarwal, owns a 64.9% share in Hindustan Zinc, a subsidiary of which the Indian government owns a 29.5% holding. The government requested proposals from merchant bankers last week in order to help them sell its 29.5% ownership in the company.