Hindustan Zinc Declares 350% Interim Dividend, Record Date in Focus

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Hindustan Zinc Declares 350% Interim Dividend, Record Date in Focus
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The mining major Hindustan Zinc (NS: HZNC ) declared an interim dividend of 350% to its shareholders for the ongoing financial year on Saturday.

The Board of Directors of Hindustan Zinc approved an Interim Dividend of Rs 7 per equity share on the face value of Rs 2 apiece for the fiscal year 2023-24, translating to a dividend of 350% for FY24.

The said interim dividend amounts to Rs 2,957.72 crore and the corporate reward was decided by a resolution passed by circulation on July 8, 2023, the company said.

The subsidiary company of Vedanta (NS: VDAN ) announced that the eligibility of shareholders for the aforementioned dividend has been set as on the record date of Saturday, July 15, 2023.

The mining company will pay the interim dividend to eligible shareholders within stipulated timelines as prescribed under the law, Hindustan Zinc said on Saturday.

Hindustan Zinc was the top performer stock on the Nifty Metal index in the previous session, rising 2.4% on Friday.

InvestingPro’s financial models are bearish on the mega-cap stock and have set an average fair value of Rs 320.23 apiece on it, indicating a downside of 6%.

The most bearish fair value has been set by the ‘Earnings Power Value’ investing model at Rs 208.19/share, which represents a potential downside of nearly 39% from the mining major’s closing price on Friday.

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