Hind Copper: On a high

STOCKS IN THE NEWS

The stock closed at an all-time high of Rs 153.10 on the Bombay Stock Exchange (BSE), up 21.46 per cent from the last week's close, on the company's restructuring plan. The Union ministry of mines had proposed a financial restructuring package worth Rs 637 crore for the company's revival.

The stock, frozen at 5 per cent upper limit circuit filter in nine trading days, appreciated by 55 per cent to Rs 153.10 on August 17 from Rs 99 on August 3. The average turnover on the counter has increased by 93 per cent with equity shares worth Rs 3.01 crore changing hands last week, compared with Rs 1.5 crore turnover reported in the previous week.

The government's financial restructuring package for the company includes conversion of non-plan loan of Rs 50 crore into equity, waiver of 7.5 per cent non-cumulative redeemable preference shares worth Rs 180.73 crore and reduction of face value of equity share from the existing Rs 10 paid-up to Rs 5 a share.

The company is also planning a follow-on public offer (FPO) and may approach the Centre for the same.