Metal stock jumps more than 8% after Board to consider Interim Dividend for FY23-24

  • Trade Brains
  • Stock Market News
Metal stock jumps more than 8% after Board to consider Interim Dividend for FY23-24
Credit: © Reuters.

Stocks of this Large-cap metal stock spiked 7 percent after it sets record date pertaining to the payment of interim dividend for FY23-24. In the past year, the stock has delivered returns of 35 percent to its stakeholders.

Shares of Hindustan Zinc (NS: HZNC ) Limited, a subsidiary of Vedanta (NS: VDAN ) Limited, are currently trading at Rs 334. The scrip witnessed an intra-day high of Rs 336 showcasing a gain of 7 percent compared to the previous closing levels of Rs 311.50. With a market capitalization of Rs1,40,000 crores, the company has a dividend yield of around 21 percent.

Such movements in the stock prices are observed after the company, through a regulatory filing dated 5th July 2023, informed that its Board of Directors have decided to meet on the 8th of July 2023 to consider interim dividend for the financial year 2023-2024.

Additionally, the filing mentioned the record date for the purpose of eligibility for interim dividend and the same has been fixed to be 15th July 2023.

The company’s consolidated financials exhibit an increase as far as the operating revenues and net profits are concerned. The operating revenues shifted from Rs 29,440 crores during FY21-22 to Rs 34,098 crores in FY22-23 and, net profits, keeping the timeframe the same, moved from Rs 9,629 crores to Rs 10,511 crores.

The profitability metrics have seen a tremendous shift in numbers with the return on equity (RoE) increasing from 28.08 percent during FY21-22 to 81.27 percent in FY22-23. Moreover, the return on capital employed (RoCE) took a shift from 37.65 percent to 86.71 percent during the same time horizon.

Hindustan Zinc Limited is engaged in the business of mining as well as smelting of zinc , silver, etc and is also involved in the generation of power with the help of various plants set up. The company has a business presence within India and overseas with the majority of revenues coming from domestic operations.

Written by Amit Madnani

The post Metal stock jumps more than 8% after Board to consider Interim Dividend for FY23-24 appeared first on Trade Brains.

Read More

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles