Hindustan Copper gains after signing MoU

Hindustan Copper rose 0.96% to Rs 63.30 at 09:21 IST on BSE after the company signed MoU with Nalco and Mineral Exploration Corp to form a joint venture for exploration and sale of minerals.

The announcement was made after market hours yesterday, 19 September 2017.

Meanwhile, the S&P BSE Sensex was up 59 points or 0.18% to 32,461.37. The S&P BSE Mid-Cap index was up 45.48 points or 0.28% to 16,156.31.

On the BSE, 12,000 shares were traded in the counter so far, compared with average daily volumes of 2.07 lakh shares in the past one quarter. The stock had hit a high of Rs 63.50 and a low of Rs 63 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.

Hindustan Copper announced that it has signed an memorandum of understanding (MoU) with National Aluminium Company and Mineral Exploration Corporation on 18 September 2017 to explore the possibility of forming a joint venture company for exploration of primarily strategic minerals overseas and sale of these minerals in India and other countries for commercial use.

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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