Mid-Cap PSU Metal Stock To Pay Dividend In October, Shares Rise

Hindustan Copper Limited (HCL), a public sector undertaking, incorporated on 9th November 1967, is under the administrative control of the Ministry of Mines, Government of India. The board of directors of the company on Wednesday approved 23.20% dividend for the financial year 2022. Soon after the announcement of dividend payment, the share of the company surged 1.44% on the BSE.

Check key takeaways below:

1. Hindustan Copper Ltd Recommends 23.20% Dividend

The board of directors of the company in its regulatory filing stated, "Kindly refer to our Letter No. HCL/SCYiSE/2016 dated 28th May, 2022 informing that the Board of Directors of Hindustan Copper Ltd in its meeting hetd on 28,h May, 2022 had recommended payment of dividend for Financiat Year 2071-72 @ Rs.1.16 per share of the face value of Rs.5/- each for approval of Shareholders in the Annual General Meeting (AGM). Further to above, it is informed that Sharehotders of the Company at the 55th AGM hetd today through Video Conferencing /Other Audio-Visual Means have approved payment of dividend as recommended by the Board of Directors. The date of payment of dividend equivalent to 23.20% on paid-up capital of the Company (i.e. Rs.1.'16 per share) is 26th October, 2022."

Therefore, the company has recommended 23.20% or Rs 1.16 per share dividend. The date of the payment of the said dividend is fixed as October 26, 2022.

The company also stated in its regulatory filing that the Board of Directors of your Company has recommended the highest ever dividend payout of 3O.01% of Profit After Tax for Financial Year 2027-22, equivalent to 23.2Oo/o on paid-up equity capital of the Company, i.e. Re 1 . I 6 per share of Rs. 5/- face value for the year 2O2l-22 for approval of shareholders in the Annual General Meeting. The outgo on this account will be Rs. 112.17 crore approx.

2. Hindustan Copper Ltd Stock Outlook

The current market price of the stock is Rs 101 apiece with an intraday gain at 1.19%. The stock's 52-week high is Rs 159 apiece and 52-week low is Rs 81 apiece, respectively.

3. Hindustan Copper Ltd Market Capitalisation

The mid cap company has a market capitalization of Rs 9849 crore at the time of writing the report (2:26 pm).

4. Hindustan Copper Ltd 5 Years Return

The stock has given a return of 74% in the last 5 years, 178% in the last 3 years, and declined 10% in the last 1 year.

5. Hindustan Copper Ltd About

The Company has the facilities for production & marketing of copper concentrate, copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid.

Hindustan Copper Ltd has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.