Hindustan Zinc Shares Surge After Interim Dividend Announcement

Shares of Hindustan Zinc soared on Thursday morning, rising as high as over 5 per cent, after the company announced an interim dividend for its shareholders.

A dividend is a reward that listed companies often provide to their shareholders from a portion of their earnings.

At 10.54 a.m., erasing some of its early gains, it traded 4.4 per cent higher at Rs 283.6.

A subsidiary of Vedanta, Hindustan Zinc is India's largest and world's second-largest zinc miner with more than 50 years of operational experience.

On Wednesday, the company's Board approved an interim dividend of Rs 21 per share for the financial year 2022-23, amounting to a revenue implication of Rs 8873.17 crores.

The record date for the purpose of payment of interim is July 21, 2022. Then, the proposed interim dividend will be paid within stipulated timelines as prescribed under law.

However, so far in 2022, the shares of the mining company declined a little over 10 years amid volatility in the overall financial markets.