Mining company Hindustan Zinc’s stocks rose by more than 1.50 per cent on Thursday, after the company said it will make an interim dividend payment to shareholders.
The company’s shares settled at Rs 367.40, up 1.56 per cent from the previous close.
A day ago, Hindustan Zinc announced an interim dividend of Rs 18 per share to its investors for the financial year FY22.
In financial parlance, a dividend is a part of a particular firm’s profits, which it pays out to the investors.
Hindustan Zinc is a subsidiary of mining major Vedanta. “Board of Directors of the company in their meeting held on December 7, 2021 have approved an interim dividend of Rs 18 per equity share i.e. 900 per cent on the face value of Rs 2 per share for the financial year 2021-22,” the company had said in a regulatory filing.
The dividend payout will cost the company an amount worth Rs 7,605 crore, the filing said. The record date for the purpose of determining the eligibility for payment of the interim dividend is December 15, 2021, the filing added.