Hindustan Copper shines after signing MoU with Mishra Dhatu Nigam

Hindustan Copper rose 2.08% to Rs 66.40 at 11:01 IST on BSE after the company announced signing a MoU with Mishra Dhatu Nigam for a joint collaboration for production of copper-nickel tubes and related items.

The announcement was made after market hours yesterday, 24 July 2017.

Meanwhile, the S&P BSE Sensex was up 44.82 points, or 0.14% at 32,290.69. The S&P BSE Mid-Cap index was up 55.77 points, or 0.37% at 15,282.18.

On the BSE, 1.03 lakh shares were traded on the counter so far as against the average daily volumes of 1.32 lakh shares in the past one quarter. The stock had hit a high of Rs 67.20 and a low of Rs 65.80 so far during the day. The stock had hit a 52-week high of Rs 73.60 on 22 August 2016 and a 52-week low of Rs 50.10 on 9 November 2016.

The stock had underperformed the market over the past one month till 24 July 2017, rising 2.12% compared with 3.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.74% as against Sensex's 8.73% rise. The scrip had also underperformed the market in past one year, rising 3.25% as against Sensex's 15.98% rise.

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

Hindustan Copper announced signing a Memorandum of Understanding (MoU) with Mishra Dhatu Nigam (MIDHANI), a CPSE under the Ministry of Defence on 22 July 2017, for a joint collaboration in area of production of copper-nickel tubes and related items. This will promote Make in India initiative and create significant business synergy for Hindustan Copper and MIDHANI.

Hindustan Copper's net profit spurted 6918.97% to Rs 40.71 crore on 68.63% increase in total income to Rs 571.82 crore in Q4 March 2017 over Q4 March 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 holds 82.88% stake in Hindustan Copper (as per shareholding pattern as on 31 March 2017).

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