Hindustan Zinc surges over 3% in early trade after board announces to pay special one-time interim dividend

Highlights:

1. Hindustan Zinc's board has announced to pay a special one-time interim dividend of Rs 27.50 on every equity share of Rs 2, entailing an outflow of Rs 13,985 crore including dividend distribution tax (DDT) 

2. The stock of Hindustan Zinc traded up 3.32% to Rs 322.00 in early trade on Thursday as compared to its previous close of Rs 311.75 on the BSE

A day after Hindustan Zinc announced to pay a special one-time interim dividend of Rs 13,985 crore to its investors, the company's stock traded up over 3% in early trade on Thursday.

The board of directors of Hindustan Zinc announced a special one-time interim dividend of 1375% that is Rs 27.50 on every equity share of Rs 2, entailing an outflow of Rs 13,985 crore including dividend distribution tax (DDT), cited the company in a filing to the BSE on Wednesday. 

ALSO READ: Government seeks up to $2.2 billion dividend from Hindustan Zinc: Sources 

"We are pleased to reward our shareholders with a special dividend, which reflects the company's confidence in its continued robust performance and demonstrates our commitment towards delivering value for our shareholders. Since disinvestment by the Government in 2002, the cumulative dividends paid by the company, including the current special dividend, is Rs 37,517 crore including dividend distribution tax (DDT)," Hindustan Zinc chairman Agnivesh Agarwal, said in a statement.

The stock of Hindustan Zinc traded up 3.32% to Rs 322.00 in early trade on Thursday as compared to its previous close of Rs 311.75 on the BSE.

At 10:28 hours, the stock of Hindustan Zinc was trading up 2.52% or Rs 7.85 at Rs 319.60 on the exchange. 

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Hindustan Zinc is a producer of Zinc, a subsidiary of the NSE and BSE listed Vedanta Ltd and is headquartered in Udaipur in Rajasthan.

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