Vedanta group firm Hindustan Zinc said the company will pay an interim dividend of Rs 21 per share after a board meeting. The company said the dividend payment would lead to an outflow of Rs 8,873 crore.
“We would like to inform you that the board of directors of the company has approved an interim dividend of Rs 21 per share share, i.e. 1050 percent on the par value of Rs 2, by resolution issued on Wednesday 13th July 2022. per share for the fiscal year 2022-23 amounting to Rs 8,873.17 crores,” the regulatory filing said.
The interim dividend will be paid within the time limits prescribed by law, the depositary said.
The record date for the payment of the dividend would be July 21, and the dividend would be paid within the stated timeline, the company said.
The disclosure came days after Hindustan Zinc reported a 14 percent increase in mined metal production to 2.52,000 tons in the first quarter of FY23. Refined metal production in the first quarter of the current fiscal year was 260,000 tons, up 10 percent from Q1 FY22, in line with mined metal availability and better plant availability and successively flat, it had said.
Refined metal production in the first quarter of the current fiscal year was 260,000 tons, up 10 percent from Q1 FY’22 in line with mined metal availability and better plant and sequential plane availability.
Integrated zinc output increased 10 percent to 2.06,000 tons. Refined lead production was 54,000 tons for Q1 FY23, an 11 percent increase compared to Q1 FY22 and a 9 percent increase sequentially due to better plant availability and a Pyro plant operating in lead mode for part of the quarter. running,” it said.
Shares of Hindustan Zinc ended Wednesday on the BSE at Rs 271.85 apiece, up 1.44 percent from the previous day’s close. Vedanta, led by Anil Agarwal, has a 64.9 percent stake in Hindustan Zinc. The government of India owns 29.5 percent in the company.
Financial
The company said in its latest financial results released for the quarter ended April 30, 2022, its consolidated net profit rose to Rs 2,928 crore during the period, up 18 percent year on year.
Consolidated income during the January-March period rose to Rs 9,074 crore from Rs 7,242 crore in the period a year ago, it had said.
Last week, the Center had solicited bids from commercial bankers to help it pay off its 29.5 percent stake in the company. The plan is to sell the stake in tranches on the open market.
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