Vedanta Group Stock Hindustan Zinc Fixes Record Date For Interim Dividend

Hindustan Zinc Limited is a large-cap company that deals in the metal sector. The largest integrated zinc producer in India and the second largest in the world is Hindustan Zinc. The firm produces 800 MT of silver annually, placing it among the top 5 producers of the metal worldwide. Hindustan Zinc is a subsidiary of Vedanta Limited, which holds a 64.9% stake in the company while the Indian government holds a 29.5% shareholding of the company.

"In terms of Regulation 29 and 42 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 we wish to inform you that the meeting of the Board of Directors of the Company will be held on Saturday, July 08, 2023 to consider interim dividend on equity shares, if any, for the Financial Year 2023-24," said Hindustan Zinc in a stock exchange filing on July 05, 2023.

"Further, pursuant to the provisions of the Securities & Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and Insider Trading Prohibition Code of the Company, the trading window for this purpose will remain closed from July 05, 2023 till July 11, 2023. The Record date for eligibility of interim dividend, if any, so declared will be Saturday July 15, 2023, informed Hindustan Zinc to stock exchanges on Wednesday.

Hindustan Zinc announced that its consolidated net profit for the March quarter of FY23 fell by 12% to Rs 2,583 crore from Rs 2,928 crore in the same period of the previous fiscal. The company's total sales decreased by 3% to Rs 8,509 crore from Rs 8,797 crore in the same period the year prior.

Hindustan Zinc has announced an equity dividend of 3775.00% at a face value of Rs 2, or Rs 75.5 per share, for the financial year ended March 2023 or FY23. A dividend yield of 23.6% results in the current share price of Rs 323.20. The company has a solid track record of dividend declarations during the past five years. Hindustan Zinc Ltd. has issued 40 dividends since June 28, 2001, according to data from Trendlyne.

The shares of Hindustan Zinc opened today on the BSE at Rs 315.10 apiece. The stock was trading at Rs 323.05 with an upside gap of 3.76% from the previous close of Rs 311.35 while writing this copy. The stock made a 52-week-high of Rs 383.00 on (19/01/2023) and a 52-week-low of Rs 242.40 on (06/07/2022). During Q4FY23, the company recorded promoter shareholding of 64.92%, FIIs stake of 0.80%, DIIs stake of 2.94%, Govt stake of 29.54% and public stake of 1.79%.