Hindustan Zinc unit a record-breaking ₹32,000 crore in dividends in its fiscal year 2023, and then ₹5,493 crore in the fiscal year 2024.
Hindustan Zinc unit second interim payment of ₹19 per share has been approved by the board. Hindustan Zinc unit had already declared a ₹10 interim payoff per share.
In response to the news, the stock has been recovering following a four-day decline that saw a 20% decline in value.
As stated in an exchange filing, Hindustan Zinc would receive ₹8,028 crore in total payment in exchange for the dividend announcement. The second interim dividend’s record payment is set for August 28, 2024.
After the OFS, Vedanta stands in line for ₹5,091 crore from the dividend payment, based on the current ownership.
Vedanta said in an exchange report on Monday that it sold off 1.51% of its Hindustan Zinc unit through the OFS, reducing its overall ownership in the business to 63.42% from 64.92% previously.
The shareholder group of Hindustan Zinc, Vedanta Ltd., stated last week that it planned to sell up to 3.17% of the company through an offer for purchase that was open for business on Friday and Monday.
Hindustan Zinc unit an a new ₹32,000 crore in dividends in the fiscal year 2023, before paying out ₹5,493 crore in the fiscal year 2024.
At ₹502.8, shares of Hindustan Zinc are currently trading 1.4% higher. Following Monday’s decline, the stock dropped almost to the same degree as its OFS floor price of ₹486. First Published: 10:09 AM IST on August 20, 2024
Visit CNBC-TV18 to view our in-depth markets coverage, business news, and real-time stock exchange updates. Additionally, watch CNBC-TV18, CNBC Awaaz, & CNBC Bajar live while on the go!
Read more:
Will purchasing Hindustan Zinc result in a dividend:
Hindustan Zinc unit a company in the Vedanta group, intends to distribute a special dividend payout to its stockholders in the current fiscal year up to ₹8,000 crore, as per sources. The corporation paid out a record ₹32,000 crore in dividends in FY22–23, with the government receiving an astounding ₹9,500 crore.
What would Hindustan Zinc unit be in April 2024:
Previous Dividend Announced by Hindustan Zinc in 2024: On May 7, 2024, Hindustan Zinc declared an Interim Dividend of Rs. 10/-per equity share, and 500% of its face value of Rs. 2/-per equity share, for the Financial Year 2024–25, totaling Rs. 4,225.32 crores. It set the record date as May 15, 2024.
Is it a good idea to acquire Hindustan zinc:
Hindustan Zinc has been moving between 488.65 and 498.70. Eleven analysts have started blogging on Hindustan Zinc. It has been rated as a strong buy by one analyst and a buy by 0 other analysts. The stock has received a sell rating from four analysts.
Who owns the Hindustan Zinc share:
With a yearly production capacity of 800 MT, we rank third among the world’s producers of silver. We are a division of Vedanta Limited, which holds a 64.9% ownership position in the business, with the Indian government holding a 29.5% interest. Both the BSE and NSE list us.
Is Vedanta buying Hindustan Zinc:
Nearly 65% of Hindustan Zinc is owned by Vedanta, with the Indian government owning the remaining 29.5%. Vedanta has previously made compelling arguments for purchasing more stock in the business.