This Vedanta Group Stock To Pay 1050% Interim Dividend, Shares Jump 5%

Hindustan Zinc Limited, a Vedanta Group Company, has fixed record date as July 21 to pay an interim dividend of 1050% or Rs 21 per share. According to its BSE filing, the company is scheduled to pay a total dividend for the Financial Year 2022-23 amounting to Rs. 8873.17 Crores.

Hindustan Zinc is one of the world's largest and India's only integrated producer of Zinc-Lead and Silver. Soon after the announcement of interim dividend and record date, the share of the company gained 5.48% at the time of writing the story (12.27 pm). Check key details below:

1. Hindustan Zinc Declares Interim Dividend of Rs 21 Per Share

The board of directors in their BSE filing stated, "In continuation to our letter dated July 08, 2022 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 Wednesday, July 13, 2022 have approved Interim Dividend of ~ 21 per equity share i.e. 1050% on face value of~ 2/- per share for the Financial Year 2022-23 amounting to~ 8873.17 Crores. The record date for the purpose of payment of interim, as already communicated is Thursday, July 21, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law."

2. Stock Outlook

The current market price of the stock is Rs 286.75 apiece. Its 52-week high is Rs 407.90 and 52-week low is Rs 242.40 apiece. The stock has given a return of 3.16% in the last one month. The stock today gained 5.48%. The strength of the company includes its high revenue and profit growth with high return on capital.

The PE is 12.54 which is slightly higher than sector PE of 11.93. The market capitalization is Rs 120,717 crore. The dividend yield is quite good at 6.30%.

3. About Hindustan Zinc

The Company has its Headquarter at Udaipur in the State of Rajasthan where it has its Zinc-Lead mines and smelting complexes. Hindustan Zinc is self-sufficient in power with captive thermal power plants and has ventured into green energy by setting up wind power plants. The Company is ranked 1st in Asia-Pacific and globally 7th in Dow Jones Sustainability Index in 2020 amongst Mining & Metal companies, according to its official website.