Hindustan Copper rises as board to consider fundraising via QIP

Hindustan Copper rose 1.77% to Rs 49 at 10:38 IST on BSE after the company said its board will meet on 25 April 2019, to consider raising funds through qualified institutional placement of shares.

The announcement was made after market hours yesterday, 22 April 2019.

Meanwhile, the S&P BSE Sensex was up 65.75 points, or 0.17% to 38,710.93.

On the BSE, 40,000 shares were traded in the counter so far compared with average daily volumes of 1.12 lakh shares in the past two weeks. The stock had hit a high of Rs 49.30 and a low of Rs 48.60 so far during the day. The stock hit a 52-week high of Rs 78.70 on 23 April 2018. The stock hit a 52-week low of Rs 78.70 on 23 April 2018.

Hindustan Copper announced that its board will meet on 25 April 2019, to consider and recommend seeking members approval for raising funds through issue of equity shares through qualified institutional placement method in supersession of earlier resolution.

Hindustan Copper's net profit jumped 82.66% to Rs 34.56 crore on 10.10% rise in net sales to Rs 474.22 crore in Q3 December 2018 over Q3 December 2017.

Hindustan Copper is a vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal.

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