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Outcome of board meeting of Hindustan Copper

Capital Market 

Held on 21 July 2020

The Board of Hindustan Copper at its meeting held on 21 July 2020 has approved one time write off of closing stock amounting to RS.257.10 crore arising out of reconciliation of metal content in copper concentrate on inter-unit transfer and sales, assessment of metal loss in generation of Granulated dump slag, handling losses, old and oxidized concentrate considered as dead stock. Also, a provision amounting to RS.183.32 crore has been made in the books of account for Lean Ore and Mill Scat, containing low grade copper and presently not in use in the manufacturing process. The Company has implemented Standard Operating Procedure on Inventory Management to strengthen the reconciliation system of inventory 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: Wed, July 22 2020. 17:12 IST