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Business News/ Markets / Stock Markets/ Hindustan Zinc to consider interim dividend for FY24; share price rises over 3%

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Hindustan Zinc to consider interim dividend for FY24; share price rises over 3%

1 min read 06 Jul 2023, 09:42 AM IST Livemint ,Edited By Nishant Kumar

Shares of Hindustan Zinc rose as the company announced it will consider interim dividend on shares for FY24. In the March quarter, the company reported a decline in net profit and total sales. Vedanta has pledged almost its entire stake in Hindustan Zinc.

For the March quarter of FY23, Hindustan Zinc reported a decline of 12 per cent in consolidated net profit to ₹2,583 crore. (Agencies) — For the March quarter of FY23, Hindustan Zinc reported a decline of 12 per cent in consolidated net profit to ₹2,583 crore. **(Agencies)**

Shares of Hindustan Zinc rose over 3 per cent in early deals on BSE on Thursday, a day after the Vedanta-owned firm said it will consider interim dividend on shares for the financial year 2023-24 (FY24) Saturday, July 8, 2023.

In a BSE filing on July 5, the company said: "... the meeting of the board of directors of the company will be held on Saturday, July 08, 2023, to consider interim dividend on equity shares, if any, for the financial year 2023-24."

The record date for eligibility for the interim dividend will be Saturday, July 15, 2023, the company said.

Shares of Hindustan Zinc hit their 52-week high of ₹383 on BSE on January 19, 2023. They hit their 52-week low of ₹242.40 on July 6, 2022. In the last one year, shares of Hindustan Zinc have risen 29 per cent against a 22 per cent gain in the equity benchmark Sensex.

The stock has been in the green since June 28 and if it closes in the green today, it will be its sixth consecutive session of gains.

For the March quarter of FY23, Hindustan Zinc reported a decline of 12 per cent in consolidated net profit to ₹2,583 crore. This was against a net profit of ₹ ₹2,928 crore in the corresponding quarter last fiscal.

The total sales for the company were down by 3 per cent to ₹8,509 crore from ₹8,797 crore in the corresponding quarter of the previous year. Zinc sales dropped the most at 9 per cent, while other metals saw a rise in sales.

For the quarter, Hindustan Zinc reported its best-ever production of mined metal at 301 kilotonnes (kt) and refined metal at 269 kt.

Meanwhile, Vedanta pledged 13.94 crore shares or 3.3 per cent of the total equity on May 22 in favour of Axis Trustee Services. Anil Agarwal-led Vedanta holds a 64.92 per cent stake in Hindustan Zinc. With this, Vedanta has pledged nearly all of its holdings in Hindustan Zinc.