Hindustan Copper shareholders approve 23.2% dividend for FY22

Shareholders of state-owned Hindustan Copper Ltd (HCL) on Wednesday approved a 23.2 per cent dividend for the financial year ended in March 2022.

The company would make a total dividend payout of Rs 112.17 crore as approved in the 55th Annual General Meeting, HCL said in a statement.

During the meeting, HCL Arun Kumar Shukla said the production from the company's flagship project, Malanjkhand underground mine, has commenced.

He also informed that the company has repaid a loan of Rs 729 crore in FY2021-22 from its internal accruals.

As the global economy moves toward net zero carbon emissions through the energy transition, the role of copper remains pivotal as the most efficient conductive material, indispensable for capturing, storing and transporting green energy, he said.

Hence, a significant rise in demand for copper has been predicted on account of the thrust on a low-carbon economy, he added.