Hindustan Copper gains after board approves hiking borrowing limit

Hindustan Copper rose 1.17% to Rs 69 at 14:10 IST on BSE after the company said its board approved increasing borrowing limit of the firm to Rs 550 crore from Rs 250 crore earlier.

The announcement was made during trading hours today, 16 January 2017.

Meanwhile, the BSE Sensex was up 72.91 points, or 0.27%, to 27,310.97.

On the BSE, so far 3.48 lakh shares were traded in the counter, compared with average daily volumes of 3.02 lakh shares in the past one quarter. The stock had hit a high of Rs 69.25 and a low of Rs 67.95 so far during the day.

The stock hit a 52-week high of Rs 73.60 on 22 August 2016. The stock hit a 52-week low of Rs 42.30 on 19 February 2016. The stock had outperformed the market over the past 30 days till 13 January 2017, rising 15.20% compared with the 2.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.78% as against Sensex's 1.57% decline.

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

The board of directors of Hindustan Copper (HCL) approved proposal for increasing borrowing from the consortium banks/other banks by way of overdraft or cash credit, working capital demand loan, bill discounting, other working capital arrangements from existing Rs 250 crore to Rs 550 crore.

Hindustan Copper's net profit fell 8.6% to Rs 6.77 crore on 20.1% decline in net sales to Rs 161.85 crore in Q2 September 2016 over Q2 September 2015.

Hindustan Copper (HCL) is a vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal. The Government of India holds 82.948% stake in Hindustan Copper (as per shareholding pattern as on 31 December 2016).

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