Hindustan Copper Q4 net jumps to Rs 91 cr
Hindustan Copper (HCL) today said it has posted a net profit of Rs 91.74 crore for quarter ended March, 2010, compared to Rs 3.78 crore in the same period last year.
Buoyed by the good result, the PSU said it will place its disinvestment plan before the Cabinet for approval within a fortnight.
"We will seek Cabinet approval in the next 15 days for a proposal to issue 18.4 crore shares of Rs 5 each. Then it will be referred to the Cabinet Committee on Economic Affairs," HCL Chairman and Managing Director Shakeel Ahmed said here today.
He did not specify by when the company would hit the capital market.
Meanwhile, Ahmed said the copper mining company expects to increase its output to 12 million tonnes in the next 5-6 years from 3.2 million tonnes at present. In 2010-11, ore production was expected to reach 3.6 million tonnes.
The company board has approved the conversion of the Malanjkhand open cast mine in Madhya Pradesh into an underground mine, which will increase its output to 5 million tonnes from 2 million tonnes.
On the copper price trend, Ahmed said he did not expect prices to dip below $6,800-6,900 per tonne in LME unless extraordinary circumstances hit the commodity price.