Shares of Hindustan Zinc Ltd rose sharply in Thursday's deals amid heavy trading volumes. The stock surged 8.72 per cent to hit a day high of Rs 338.50 over its previous close of Rs 311.35. Around 3.20 lakh shares changed hands today on BSE, which was way more than the two-week average volume of 64,000 shares. Turnover on the counter stood at Rs 10.49 crore, commanding a market capitalisation (m-cap) of Rs 1,42,287.62 crore. There were 50,708 buy orders against sell orders of 17,728 shares.
At today's high price of Rs 338.50, the stock traded 11.62 per cent lower from its 52-week high of Rs 383, hit on January 19, 2023. That said, it has gained 39.65 per cent from its one-year low price of Rs 242.40, a level seen on July 6 last year.
The spike in the share price came after the Vedanta-owned firm announced that it would consider interim dividend on equity shares on July 8 for the financial year 2023-24 (FY24).
"We wish to inform you that the meeting of the Board of Directors of the company will be held on Saturday, July 8, 2023 to consider interim dividend on equity shares, if any, for FY24," Hindustan Zinc stated in an exchange filing.
"The record date for eligibility of interim dividend, if any, so declared will be July 15, 2023 (Saturday)," it added.
The counter's 14-day relative strength index (RSI) came at 82.19. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 12.51. It has a price-to-book (P/B) value of 10.16.
The scrip has a one-year beta of 0.47, indicating low volatility.
Hindustan Zinc is an integrated zinc producer. It is a subsidiary of Vedanta which owns 64.90 per cent stake in the company while the government retains a 29.50 per cent stake. The company's operations comprise lead-zinc mines, hydrometallurgical zinc smelters, lead smelters, pyro metallurgical lead-zinc smelter as well as sulphuric acid and captive power plants in northwest India.
Meanwhile, Indian equity benchmarks settled at fresh closing today. The 30-share BSE Sensex pack jumped 340 points or 0.52 per cent to settle at 65,786, while the broader NSE Nifty index moved 99 points or 0.51 per cent to end the session at 19,497.
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