19 Aug , 2021 By : Kanchan Joshi
Vedanta group firm Hindustan Zinc Ltd (HZL) on Wednesday said that there is no change to its dividend policy and it will adhere to it. The statement comes a day after the company deferred its board meeting which was to consider interim dividend for FY22.
"Further to our stock exchange announcement yesterday, we would like to inform you that the board meeting was deferred. We would like to reiterate that the dividend is a matter for the board’s consideration. Also, there is no change to our dividend policy and we will adhere to it," Hindustan Zinc said in a statement, reported news agency PTI.
The mining company on Tuesday said its board meeting scheduled on August 17 to consider interim dividend for FY2021-22 has been deferred. The company did not give the reason for the deferment of the meeting. Hindustan Zinc is a leading zinc-lead miner.
Hindustan Zinc is a leading zinc-lead miner. The company is subsidiary of Vedanta Ltd which owns a 64.9% stake in the company while the Centre retains a 29.5 per cent stake.
The leading mining company reported a 45.9 per cent rise in net profit to Rs1,983 crore for the quarter ended on June 30, 2021, driven by a recovery in metal prices and higher volumes.
It will be investing about USD 1 billion (around Rs7,440 crore) to replace diesel-run vehicles and equipment with battery electric vehicles across its eight mines in the next five years, company CEO Arun Misra said earlier.
The company, which has signed an agreement with Finnish technology firm Normet Group Oy to introduce front line battery-powered service equipment in underground mining, will deploy three of Normet SmartDrive EVs – a 'Spraymec', an 'Agitator', and a 'Charmec' - in their underground mines, in the first phase.
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