Hindustan Zinc hits record high on dividend bounty

The stock surged 14% to Rs 200 after the board declared a special dividend of 1200% or Rs 24 per equity share of face value of Rs 2/- for the current fiscal.

Hindustan Zinc has surged to its record high at Rs 200, up 14% on the BSE in early morning trade, after the company said its board has recommended a special dividend of 1200% or Rs 24 per equity share of face value of Rs 2/- for the current fiscal.

“The board has declared special golden jubilee dividend at the rate of 1200% i.e. Rs 24 per equity share of Rs 2/- each for the financial year 2015-16,” Hindustan Zinc said in a statement.

The company has fixed April 07, 2016 as the record date for the purpose of payment of second interim dividend, it added. The stock will turn ex-dividend on April 6, 2016.

At 09:20 AM, the stock was up 8% at Rs 189 on the BSE as compared to 0.26% rise in the S&P BSE Sensex. The trading volumes on the counter jumped an over three-fold with a combined 2.5 million shares changed hands on the BSE and NSE.