Hind Zinc has a 'golden' hue

Hindustan Zinc is indeed giving a bounty to its shareholders. The company, celebrating its golden jubilee has declared a special dividend of 1200%, which is the highest till date by any private sector company. This means a dividend of Rs.24 on a Rs.2 face value share.

This means, for Hindustan Zinc, an outgo of Rs.12,205 crore for dividend distribution and the entailing tax.  The Govt of India should also be pretty happy and it stands to gain Rs.3000 crore from this payout.

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.

The stock price has zoomed up today to a new record high of Rs.199.80 and is amongst the top three gainers on the BSE currently.