Hindustan Zinc gains on special dividend of Rs 27.50 per share

The stock was up 3% to Rs 322 on BSE in early morning trade.

Hindustan Zinc was up 3% to Rs 322 on BSE in early morning trade, after the company announced a special interim dividend of Rs 13,985 crore.

“The Board of Directors has declared the special one-time interim dividend of 1375% i.e. Rs 27.50 on every equity share of Rs 2, entailing an outflow of Rs 13,985 crore, including dividend distribution tax (DDT). The record date for the dividend will be March 30, 2017,” Hindustan Zinc said in a release. The stock will turn ex-special dividend on March 29, 2017.

Together with dividend paid in April 2016 and interim dividend in October 2016, the dividends paid in FY17, totalling Rs 27,157 crore, are the highest ever paid in India in a financial year, it added.

At 09:16 am; the stock was up 2.7% at Rs 320 on BSE as compared to 0.23% rise in the S&P BSE Sensex. A combined 1.95 million shares changed hands on the counter on BSE and NSE so far.

In past one year, the stock has rallied 88% as compared to 15.5% rise in the benchmark index.