Hindustan Zinc share price surged 6 per cent to Rs 288 apiece on BSE on Thursday after the company board approved interim dividend for FY23. The company said that the dividend payout of Rs 21 per share i.e. 1050% on face value of Rs 2 apiece would lead to an outflow of Rs 8,873 crore. The record date for payment of the dividend would be 21 July and the dividend would be paid within the stipulated timeline, the company said. Technical analysts said, there is a 50-DMA at 279 in Hindustan Zinc stock. “So it would be important to see if the stock is able to keep its head above 279 levels on a closing basis,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.
Investors who are long, Vaishnav advised them to continue to stay long and maintain a trailing stop loss of close below 270. “For new investors, they must wait until close to see if the stock is able to keep its head above 279. If it is slipping below 279, they should avoid fresh entry. If the stock stays above 279, they can make a fresh entry and keep a SL of 273,” he added.
Hindustan Zinc, a Vedanta Group company, reported a 14 per cent increase in mined metal production at 2.52 lakh tonne in the June quarter against 2.21 lakh tonne in the same period last year. The higher ore production was largely at Sindesar Khurd, Rampura Agucha and Kayad mines.
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