Hindustan Copper drops on dismal Q4 numbers

Hindustan Copper fell 2.39% to Rs 36.80 after the company reported consolidated net loss of Rs 514.55 crore in Q4 March 2020 compared with net profit of Rs 40.39 crore in Q4 March 2019.

Net sales slumped 67.27% to Rs 148.84 crore in Q4 March 2020 over Rs 454.77 crore in Q4 March 2019. Pre-tax loss stood at Rs 481.19 crore in Q4 March 2020 compared with pre-tax profit of Rs 74.54 crore in Q4 March 2019. Current tax expense dropped 79.93% to Rs 6.55 crore in Q4 March 2020 as against Rs 32.65 crore paid in Q4 March 2019. The Q4 earnings was announced post trading hours yesterday, 21 July 2020.

On the technical front, the stock's RSI (relative strength index) stood at 56.059. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 31.40 and its 200-day moving average (DMA) placed at 34.16.

Hindustan Copper is engaged in exploration, exploitation, mining of copper and copper ore, including beneficiation of minerals, smelting and refining. The firm manufactures and markets copper cathode, continuous cast copper wire rod and metal in concentrate. The company also offers copper concentrate.

As of 30 June 2020, the Government of India held 76.05% stake in the copper producer.

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