Hindustan Zinc to consider interim dividend for FY24; share price rises over 3%

livemint.com:

₹383 on BSE on January 19, 2023. They hit their 52-week low of ₹242.40 on July 6, 2022. In the last one year, shares of Hindustan Zinc have risen 29 per cent against a 22 per cent gain in the equity benchmark Sensex.

The stock has been in the green since June 28 and if it closes in the green today, it will be its sixth consecutive session of gains. For the March quarter of FY23, Hindustan Zinc reported a decline of 12 per cent in consolidated net profit to ₹2,583 crore. This was against a net profit of ₹ ₹2,928 crore in the corresponding quarter last fiscal.

The total sales for the company were down by 3 per cent to ₹8,509 crore from ₹8,797 crore in the corresponding quarter of the previous year. Zinc sales dropped the most at 9 per cent, while other metals saw a rise in sales. For the quarter, Hindustan Zinc reported its best-ever production of mined metal at 301 kilotonnes (kt) and refined metal at 269 kt.

Read more: Hindustan Zinc Q4 net profit drops 12% to ₹2,583 cr, revenue down by 3% Meanwhile, Vedanta pledged 13.94 crore shares or 3.3 per cent of the total equity on May 22 in favour of Axis Trustee Services. Anil Agarwal-led Vedanta holds a 64.92 per cent stake in Hindustan Zinc. With this, Vedanta has pledged nearly all of its holdings in Hindustan Zinc.