For Quick Alerts
For Daily Alerts

Hindustan Zinc Shares Surge 8% On Dividend Announcement


On Wednesday, shares of Hindustan Zinc gained as much as 8.36 percent to an intraday high of Rs 195, its biggest jump in the last 7 weeks. The surge comes after the company's board approved a dividend for shareholders and its parent company announced the delisting of Vedanta Ltd.

Hindustan Zinc Shares Surge 8% On Dividend Announcement
Hindustan Zinc: Quotes, News
BSE 188.00BSE Quote4.55 (-2.42%)
NSE 188.25NSE Quote4.4 (-2.34%)
Vedanta: Quotes, News
BSE 93.30BSE Quote0.4 (0.43%)
NSE 93.60NSE Quote0.65 (0.69%)

The mining company's board on Tuesday approved an interim dividend of Rs 16.50 per equity share, which is 825 percent on the face value of Rs 2 per share for the financial year 2019-20 amounting to Rs 6,972 crore.

Meanwhile, its promoter Vedanta Resources Plc said that it wants to voluntary delist the Vedanta Ltd to simplify the corporate structure. However, Hindustan Zinc Limited will continue to be listed in India, it clarified.

"Delisting of Vedanta will provide company with enhanced operational and financial flexibility in capital intensive business," Vedanta Resources said. It will offer Rs 87.5 per share to nearly 49 percent public shareholders of Vedanta Ltd.

"Due to the impact of coronavirus, we have accelerated our strategy to ensure support for meaningful deleveraging," it said. Shares of Vedanta Ltd have fallen more than 40 percent this year.

Read more about: hindustan zinc dividend vedanta
Story first published: Wednesday, May 13, 2020, 10:56 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more