Hindustan Zinc stock rises after declaring 300% dividend

economictimes.indiatimes.com:

Hindustan Zinc surged over 2% to Rs 331.8 in Wednesday's trade on BSE after the company announced a second interim dividend of Rs 6 per share for the current financial year. The dividend outgo amounts to about Rs 2,535.19 crore.

The interim dividend is 300% on a face value of Rs 2 per equity share.

«The board of directors of the company through a resolution passed by circulation on Wednesday, December 06, 2023, have approved 2nd interim dividend of Rs 6 per equity share i.e. 300% on the face value of Rs 2/- per share for the financial year 2023-24 amounting to Rs 2535.19 crores,» the company said in an exchange filing.

The record date for payment of the second interim dividend is set on December 14.

The company said the dividend will be paid within stipulated timelines as prescribed under the law.

The interim dividend will be paid to shareholders whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as of the record date.

In the past 12 months, Hindustan Zinc has paid an equity dividend of Rs 46 per share, which results in a dividend yield of 14%.
At 10.49 am, the scrip was trading 0.4% higher at Rs 326.1 on BSE.

Meanwhile, the stock has surged over 10% in the past one month.

As per Trendlyne data, the average target price of Hindustan Zinc estimate is Rs 267, which shows a downside of 18% from the current market prices.
The consensus recommendation from 11 analysts for Hindustan Zinc is Sell.

Out of the 11 analysts covering the stock, only one has a strong buy rating, while six have sell ratings, and the remaining four have hold ratings.

Technically, the stock's day RSI (14) is at 71.8. The RSI below 30 is considered oversold, and