Hindustan Copper extends gains after resuming operations

Hindustan Copper rose 0.73% to Rs 62.50 at 09:25 IST on BSE, extending gains after the company said that it has resumed copper mine operations at Ghatshila, Jharkhand from 21 August 2017.

Meanwhile, the S&P BSE Sensex was up 0.29 points to 31,568.30

On the BSE, 2,923 shares were traded in the counter so far, compared with average daily volumes of 1.71 lakh shares in the past one quarter. The stock had hit a high of Rs 62.60 and a low of Rs 62.25 so far during the day. The stock hit a 52-week high of Rs 74.70 on 27 July 2017. The stock hit a 52-week low of Rs 50.10 on 9 November 2016.

The mid-cap company has equity capital of Rs 462.61 crore. Face value per share is Rs 5.

Shares of Hindustan Copper had gained 1.64% to settle at Rs 62.05 yesterday, 23 August 2017. Hindustan Copper said that operation and maintenance of Surda Mine and Mosaboni Concentrator plant of the company located at Ghatshila, Jharkhand has been re-started from 21 August 2017. The announcement was made during market hours yesterday, 23 August 2017.

The mining operation of Surda Mine located Ghatsila, Jharkhand was closed after India Resources (IRL), Special Purpose Vehicle (SPV) of Eastern Goldfields (EGL), has unilaterally terminated the operation and maintenance of Surda mine contract with effect from 2 June 2017.

Consequently, the operation and maintenance of Surda Mine and Mosaboni Concentrator plant has been re-started with effect from 21 August 2017 by Shriram EPC, on the same terms and condition of the earlier contract. Surda mine has the capacity to produce 4 lakh tonne of copper ore annually.

Hindustan Copper reported net profit of Rs 10.21 crore in Q1 June 2017 as compared with net loss of Rs 2.88 crore in Q1 June 2016. Net sales surged 78.2% to Rs 367.07 crore in Q1 June 2017 over Q1 June 2016.

Hindustan Copper is a vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal. The Government of India (GoI) held 82.88% stake in Hindustan Copper as per the shareholding pattern as on 30 June 2017.

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