NRI remittances & Vedanta Story

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Remittances from Gulf countries dropped sharply in FY21 due to Covid-19

The decline in remittances from the Gulf countries during 2020-21 reflects a slower pace of migration and a larger presence of Indian diaspora in informal sectors which was hit the most during the pandemic period. As a result, the proportion of small size transactions in total remittances increased in 2020-21.

 Hindustan Zinc shares trade ex-dividend, stock rises. Key things to know

Hindustan Zinc shares plunged today.Hindustan Zinc’s board approved Interim Dividend of ₹21 per equity share.. Shares of Hindustan Zinc Ltd rose more than a per cent at ₹280 apiece on the BSE as the metal stock started trading ex-dividend in Wednesday’s session, a day ahead of the record date of its interim dividend ₹21 for the Financial Year 2022-23 (FY23).

 “We wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Wednesday, July 13, 2022 have approved Interim Dividend of ₹21 per equity share i.e. 1050% on face value of ₹2/- per share for the Financial Year 2022-23 amounting to around ₹8873 crore,” the company had informed in an exchange filing earlies this month.

The record date for the purpose of payment of interim, as already communicated is Thursday, July 21, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law, Hindustan Zinc had added.

A dividend means the distribution of surplus from the profits by a listed company to its shareholders. Hindustan Zinc has been returning cash to shareholders through interim dividends every quarter, final dividends at the year-end and an occasional special dividend.

Hindustan Zinc, a Vedanta group company, is an integrated producer of zinc, lead and silver. The metal stock is down about 12% in 2022 (YTD) so far. For Q4FY22, Hindustan Zinc Ltd reported an 18% rise in consolidated net profit to ₹2,928 crore on the back of higher volumes and increase in metal prices while its consolidated income of the company during the January-March period increased to ₹9,074 crore from ₹7,242 crore in the year-ago period.

The company is looking at expanding its footprint in the production of zinc alloys and has received approval this month to set up a 30 kilo tonnes per annum plant (KTPA).

Meanwhile, Vedanta Ltd’s Board of Directors on Tuesday approved paying ₹19.50 per equity share as second interim dividend for fiscal 2022-23 amounting to ₹7,250 crore, the company had announced in a regulatory filing.

Vedanta Limited is one of the world’s leading oil and gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

It is a potential counter to watch and invest on long term basis.

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