Vedanta-owned Hindustan Zinc said the record date to determine eligibility for the second interim dividend would be December 14
Hindustan Zinc shares edged higher on Wednesday, December 6 after the subsidiary of Vedanta’s board meeting today. The record date for the second interim dividend has been fixed as December 14, 2023. The total consideration for the dividend payout comes up to Rs 2,535.19 crore.
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Hindustan Zinc climbed 6 per cent to Rs 319 in Wednesday morning trade on the NSE.
In an exchange filing, Vedanta-owned Hindustan Zinc said the record date to determine eligibility for the second interim dividend would be December 14, 2023.
A record date means shareholders who own shares of the company at that particular date will be eligible for the dividend payout.
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In the September-ended quarter, Hindustan Zinc’s net profit dropped 35.5 percent year-on-year (YoY), while revenue surged 18.5 per cent.
The management, however, maintained a positive stance on expected growth in zinc demand in India due to elevated infrastructure, construction activities, and increasing steel output.
It projected a capex guidance of $170-200 million for FY24 and maintained capex at $375 million for the year.
The interim dividend will be paid within stipulated timelines as prescribed under law, the company’s regulatory filing read.
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This is the lowest dividend payout issued by the company since 2018.
Earlier, Hindustan Zinc had announced its first interim dividend of Rs 7 per share in July. For the financial year 2023, the company declared a total dividend of Rs 75.5 for the full year.
Hindustan Zinc is the world’s 2nd largest integrated Zinc producer and 5th largest Silver producer globally, according to its official website. The company’s mines are located at Rampura Agucha, Sindesar Khurd, Rajpura Dariba, Zawar and Kayad in the state of Rajasthan. The current ore production capacity stands at 16.34 million tonne per annum and is expanding its mining capacities.
