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Hindustan Copper gains on launching QIP issue

Capital Market 

Hindustan Copper rose 1.17% to Rs 146.85 after the state-owned company launched its qualified institutional placement (QIP) of shares on 7 April 2021 at a floor price of Rs 125.79.

The board is scheduled to meet on 12 April 2021, to consider and approve the issue size and price. The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

On a consolidated basis, the PSU company posted a net profit of Rs 108.19 crore in Q3 FY21 as compared to a net loss of Rs 95.61 crore reported in Q3 FY20. Net sales in Q3 FY21 zoomed 477.10% year-on-year (Y-o-Y) to Rs 538.42 crore.

Hindustan Copper is engaged in exploration, exploitation, mining of copper and copper ore, including beneficiation of minerals, smelting and refining.

As of 31 December 2020, the Government of India held 76.05% stake in the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 08 2021. 11:49 IST