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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.
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