India Press Dispatch

After the company declares a dividend, Hindustan Zinc drops 5%; learn the record date and other information

<p>On Monday, shares of Hindustan Zinc (HZL) fell more than 5% on the stock markets. The stock dropped from its previous closing of Rs 340.50 to a day low of Rs 322.30. At its current low, the stock was 15.85% less expensive than its 52-week high, which it reached on January 19 of this year at Rs 383.</p>
<p>Despite this, it has increased 23.72 percent from its July 27, 2022, low price of Rs 260.50.According to Trendlyne statistics, Hindustan Zinc shares have returned close to 27% over the last 12 months, which is more than the 20% return provided by Nifty50 during this period.<img decoding=”async” class=”alignnone wp-image-67266″ src=”×422.jpg” alt=”” width=”1562″ height=”879″ srcset=”×422.jpg 750w,×576.jpg 1024w,×432.jpg 768w,×220.jpg 390w,×84.jpg 150w, 1200w” sizes=”(max-width: 1562px) 100vw, 1562px” /></p>
<p>The company’s announcement of a Rs. 7 interim dividend prompted a decline in the share price. As a follow-up to our letter dated July 5, 2023, and in accordance with Regulation 30 of the Listing Regulations, we are writing to inform you that the Board of Directors of the company has approved an interim dividend of Rs 7 per equity share, or 350% on the face value of Rs 2 per share, for the fiscal year 2023–24, totaling Rs 2,957.72 crore, as stated in a filing with the stock exchange.</p>
<p>Saturday, July 15 is the record date for the purpose of paying the interim dividend.</p>
<p>The corporation, which has a 64.92 percent ownership in Hindustan Zinc and over 274.31 crore shares, saw its shares rise in the meanwhile. Vedanta would likely be the largest beneficiary of the distribution and earn Rs 1920.21 crore as dividend money.</p>
<p>The 14-day relative strength index (RSI) for the counter was 83.50. Oversold is defined as a number below 30, and overbought as a value beyond 70. The price-to-earnings (P/E) ratio for the company’s shares is 13.68. Price-to-book (P/B) is 11.12 for it.</p>
<p>A one-year beta of 0.49 for the stock indicates modest volatility.</p>
<p>A fully integrated zinc producer is Hindustan Zinc. Lead-zinc mines, lead smelters, pyrometallurgical lead-zinc smelters, sulphuric acid facilities, and captive power plants are among the company’s businesses in northwest India.</p>
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