Hindustan Zinc, a high dividend-paying stock, has announced that the company will consider an interim dividend on July 8 for the current FY23-24. After the announcement, shares of the company jumped 8% to Rs 336 on BSE.

The company said in a filing, “We wish to inform you that the meeting of the Board of Directors of the company will be held on July 8 to consider interim dividend on equity shares, if any, for FY23-24,”

Hindustan Zinc has one of the highest dividend yields, having paid four dividends in the previous fiscal year, which is around 30%.

A dividend payout of Rs 31,910 crore during the previous year meant the company had to use up all their cash reserves, putting it in a net debt position of Rs 1,800 crore as of March end.

The company has reported its highest sales ever, operating profit, and profit in FY23.

Hindustan Zinc is India’s largest and the world’s second-largest zinc producer and is one of the lowest-cost producers of zinc globally.

It commands an 80% market share in the primary zinc market in India. It operates the world’s largest UG zinc mine at Rampura Agucha and mines at Sindesar Khurd, Rajpura Dariba, Zawar, and Kayad.