Stocks

Hindustan Zinc shares gain 4.2 per cent

Internet Desk | Updated on October 21, 2020 Published on October 21, 2020

Shares of Hindustan Zinc gained as much as 4.2 per cent to Rs 232.25 on Wednesday early trade. The stock is up for the fourth straight day fetching a return of 11.63 per cent.

In today's trade, metal stocks have gained 1.6 per cent. At the current price, it has a high dividend yield of 7.4 per cent.

Q2 results

Earlier, the company had reported a seven per cent drop in net profit for the September quarter at ₹1,940 crore, against ₹2,081 crore in the same period last year, due to higher tax outgo and lower realisation. Revenue from operations was up 24 per cent at ₹5,533 crore (₹4,461 crore).

It had announced an interim dividend of ₹21.30 a equity share, leading to outgo of ₹9,000 crore. Its tax expense during the quarter was higher at ₹682 crore against ₹6 crore last year. The company recorded deferred tax write-back of ₹253 crore the previous year.

 

The price of zinc was down one per cent at $2335 a tonne and lead slipped eight per cent to $1873 a tonne. However, silver was up 43 per cent to $24.26 an ounce while rupee depreciated six per cent to 74.24 against the dollar in the quarter under review.

The company has raised ₹5,020 crore through non-convertible debenture and ₹4,778 crore via short-term commercial paper. Following this, the net cash available with the company has come down to ₹17,833 crore, against ₹27,631 crore.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 21, 2020
This article is closed for comments.
Please Email the Editor