Hindustan Zinc (HZL) shares surged as much as 14 per cent in the early trade on Thursday after the company on Wednesday declared special golden jubilee dividend. The company announced that it will pay Rs 10,141 crore as dividend, which includes Rs 3,000 crore to the government, to its shareholders for the 2015-16 fiscal, the highest by any private company.
At 9.47 am, HZL shares were trading 5.05 per cent up at Rs 183.70. The scrip opened at Rs 192 and has touched a high and low of Rs 199.80 and Rs 181, respectively, in trade so far. Sensex was up 61.62 points, 0.24 per cent, at 25,400.
Hindustan Zinc has declared a special golden jubilee dividend at the rate of 1,200 per cent — Rs 24 per equity share of Rs 2 each — for 2015-16 fiscal.
Vedanta holds 64.92 per cent stake in HZL. Cheering the announcement, shares of Vedanta rallied as much as 5.17 per cent in the early trade on Thursday.
For the quarter ended December 2015, HZL reported net profit of Rs 1811.39 crore, down 23.87 per cent against Rs 2379.37 crore in the corresponding quarter a year ago.