Hind Copper rallies on two-fold surge in Q1 net

Hindustan Copper has rallied 6% at Rs 262 after reporting over two-fold year-on-year jump in net profit at Rs 60.4 crore for the quarter ended June 30, 2011 as compared to Rs 26.20 crore for the corresponding quarter of previous year.

Net sales grew 19% from Rs 226 crore to Rs 269 crore during the recently concluded quarter. Operating profit margins improved to 33.8% (21.5%) and net profit margins to 22.5% (11.6%) in Q1FY12.

The stock opened at Rs 250 and touched high of Rs 267 on the NSE. A combined 150,000 shares have changed hands on the counter on morning deals.