14 Jul , 2022 By : Kanchan Joshi
Dividend paying stock Hindustan Zinc has attracted huge buying interest in early morning deals on Thursday session. Hindustan Zinc share price today opened upside and went on to hit its intraday high of rs287.85 apiece levels on NSE, around 6 per cent higher from its Wednesday close price of Rs271.65 per share.
The board of directors of the state-owned metal company on Wednesday recommended dividend of Rs21 per equity share dividend (1050 per cent) for the financial year 2022-23. The Metal PSU board also fixed 21st July 2022 as record date for finalisation of eligible shareholders for the dividend payment.
Hindustan Zinc share price today is around Rs285 apiece levels, this means the state-owned PSU stock is standing at an annual dividend yield of around 7.35 per cent [(21/285) x 100].
Hindustan Zinc Limited informed Indian bourses about the recommendation of dividend payment citing, "In continuation to our letter dated July 08, 2022 and pursuant to Regulation 30 of Listing Regulations, we wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Wednesday, July 13, 2022 have approved Interim Dividend of Rs21 per equity share i.e. 1050% on face value of Rs2/- per share for the Financial Year 2022-23 amounting to Rs8873.17 Crores."
"The record date for the purpose of payment of interim, as already communicated is Thursday, July 21, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law," the exchange communication of the metal company further informed.
In recently released production report for Q1FY23, Hindustan Zinc claimed that highest ever mined metal production in first quarter at 252,000 tonnes, up 14 per cent per cent as compared to Q1 FY22 on account of higher ore production largely at Sindesar Khurd, Rampura Agucha & Kayad mines supported by better mill recovery. Sequentially, it was lower by 15 per cent, mainly due to lower ore production at mines & overall metal grades.
Hindustan Zin also claimed best ever refined metal production in first quarter at 2,60,000 tonnes, up 10 per cent as compared to Q1 FY22 in line with availability of mined metal & better plant availability and flat sequentially.
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