Hindustan Copper zooms 14% after govt nod for stake sale

Shares of state-run mining major Hindustan Copper today zoomed over 14 per cent in morning trade soon after the government approved 10 per cent disinvestment in the company.

Despite a volatility in broader market, the stock opened firm on the Bombay Stock Exchange and jumped 14.27 per cent to touch a high of Rs 537.70 soon after the Cabinet Committee of Economic Affairs approved a proposal for 10 per cent stake sale in Hindustan Copper.

The stock was trading at Rs 526.80, up 11.95 per cent at 1130 hrs.

A similar trend was seen on the National Stock Exchange, where Hindustan Copper jumped 11.57 per cent to Rs 524.30.

The BSE Sensex was quoted at 17,308 points, down by 29.66 points, in the early trade.

On the volume front, over 67 lakh shares of the company changed hands on the two bourses in early session.

The government holds 99.59 per cent stake in Hindustan Copper. The company plans to fund its Rs 4,200-crore expansion programme by raising equity.