Hindustan Zinc board to consider second interim dividend for FY25 on August 20
Hindustan Zinc's board of directors will meet on Tuesday, August 20, 2024 to consider and approve the second interim dividend on its equity shares for the Financial Year 2024-25.
The Vedanta Group company has set the record date on Wednesday, August 28, 2024.
The announcement was made during market hours and the stock fell to a low of Rs 544 on the NSE, down more than 6% on intraday basis, after the Supreme Court allowed states to collect past dues on royalty on minerals-bearing land from Centre. Not just HZL, others including NMDC, Tata Steel, Vedanta and MOIL also fell by up to 5%.
A nine-judge Constitution Bench of the Supreme Court headed by Chief Justice DY Chandrachud rejected the Centre's plea for prospective effect of its July 25 verdict, which upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards.
While rejecting the argument for prospective effect of the July 25 ruling, the court said payment of dues by the Centre and mining companies can be made to mineral-rich states in a staggered manner over the next 12 years.
Hindustan Zinc had reported a 19% year-on-year jump in its consolidated net profit to Rs 2,345 crore for the quarter ended June 30, 2024. The same stood at Rs 1,964 crore in the same period of last year. Revenue from operations in the period came in at Rs 7,893 crore, up about 11% from Rs 7,111 crore in the corresponding period of the previous year.
EBITDA for the quarter increased 18%
