Hindustan Zinc up 3% as board to consider interim dividend on December 7

Asia's Tech News Daily

#Buzzing Stocks, Hindustan Zinc, In August, the company said

Shares of mining major Hindustan Zinc gained more than 3 percent in intraday trade on December 3 after the company said its board would meet on December 7 to consider and approve interim dividend on equity shares for FY22.

The record date for eligibility of interim dividend, if any, would be December 15, the company said in a regulatory filing.

Also read: Govt can sell Hindustan Zinc Ltd stake in open market as per court order, says Vedanta

In August, the company said its board meeting to consider interim dividend for the current financial year was deferred but did not cite any reason.

At 11.10 am, the stock was trading 2.7 percent higher at Rs 342 on the BSE. It hit an intraday high of Rs 346.10, 15 percent lower than its 52-week high.

The zinc and lead miner is a subsidiary of Vedanta, which owns 64.9 percent stake in the company, while the government owns 29.5 percent stake.

Also read: Hindustan Zinc sees increase in demand as world focuses on sustainability

The company reported record-high EBITDA for H1FY22 at Rs 6,890 crore, up 51 percent on year, let by the rally in metal prices on the back of firm demand.

Earnings before interest, tax, depreciation and amortization (EBITDA) is a key measure of profitability for companies.

Revenue from operations during the quarter ended September was at Rs 6,122 crore, up 8 percent on year, led by higher zinc and lead LME prices, higher premiums as well as higher silver prices.

Over the year, zinc and lead LME prices were up 28 percent and 25 percent, respectively. The company’s net profit rose 4 percent year on year to Rs 2,017 crore.

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