22 Mar , 2023 By : Monika Singh
Hindustan Zinc share price surged nearly 5%, touching an intraday high of Rs 325.25 on Wednesday after the company’s board on Tuesday approved a fourth interim dividend of Rs 26 per share for FY23, amounting to Rs 10,985.83 crore, with March 29 as the record date. The shares of Vedanta and LIC rose after the announcement as both companies hold stakes in HZL. The Hindustan Zinc’s shareholding pattern for the December 2022 quarter shows promoter Vedanta Ltd owns 2,74,31,54,310 shares of the company. Vedanta is expected to earn over Rs 7100 crore from the dividend. While LIC’s LICI Ulip Growth Fund owns 11,41,42,717 Hindustan Zinc shares. LIC is expected to earn over Rs 290 crore.
“We wish to inform you that the Board of Directors of the Company in its meeting held on March 21, 2023, have approved: Fourth interim dividend of Rs 26/- per equity share i.e. 1300% on the face value of Rs. 2/- per share for the Financial Year 2022-23 amounting to Rs 10,985.83 crore. The record date for the purpose of payment of the fourth interim dividend, as already communicated is Wednesday, March 29, 2023. The fourth interim dividend will be paid within stipulated timelines as prescribed under the law,” said Hindustan Zinc Ltd.
Hindustan Zinc shares have risen nearly 8% in the past week while 13% in the past 6 months. The shares touched a 52-week high of Rs 383.00 on 19 January 2023 and a 52-week low of Rs 242.40 on 6 July 2023. At the current price of Rs 319.05 per share, the company’s market capitalisation stands at Rs 1,34,808.80 crore. The company declared a dividend of Rs 13 per share in January and prior to that, it announced a dividend of Rs 15.50 per share in November 2022. It announced the first dividend of Rs 21 per share in July.