Hindustan Zinc breaks 7-day wining streak, down 3.5% on profit-taking

On July 8, the company’s board approved an interim dividend of Rs 7 per share but the announcement is likely to have been factored in by the market participants

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Hindustan Zinc shares succumbed to selling pressure on July 10 morning, as investors took some money off the table following a 12 percent surge over the past seven session.

At 10.53 am, the stock was trading 3.5 percent lower from the previous close at Rs 328.5 on the BSE.

On July 8, the company’s board approved an interim dividend of Rs 7 per share, a 350 percent increase on face value of Rs 2 per share for the fiscal 2023-24 amounting to Rs 2,957.72 crore, Hindustan Zinc said in a regulatory filing.

Vedanta Ltd, which owns 64.92 percent stake in the zinc producer, will get Rs 1,920 crore in dividend.

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The dividend is likely to have been factored in the stock, considering the Vedanta scrip rallied 8 percent on July 6 after the company said it would consider an interim dividend payment for FY24.

The record date for the payment of the first interim dividend of the current financial year is July 15, 2023 and would be paid within the timeline prescribed by law.

For the year ending March 2023, Hindustan Zinc declared an equity dividend of 3,775 percent, amounting to Rs 75.5 per share. At the current share price, this results in a dividend yield of around 23 percent.

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