Hindustan Copper plans to raise funds; stock soars over 6% : 18 May 2017

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Hindustan Copper on Thursday’s morning session surged over 6% on the BSE. It is trading at Rs 70.80 per share, up by 6.07% at 10:07 hours IST. It also witnessed a spurt in the volume by more than 8.01 times.

The board of the company in its meeting held on May 17, 2017, has recommended issue of fresh equity shares to the extent of 9,25,21,800 (10% of existing paid-up equity capital. It will be done through Further Public Offer (FPO) or Institutional Placement Programme (IPP) or Qualified Institutional Placement (QIP) or a combination of these, as per BSE filing.

The board has also recommended a dividend of Rs 0.20 per share of the face value of Rs 5 each for the financial year 2016-17, subject to approval of the shareholders, as per BSE filing.

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

Stock View:

Hindustan Copper Ltd is currently trading at Rs 70.8, up by Rs 4.05 or 6.07% from its previous closing of Rs 66.75 on the BSE.

The scrip opened at Rs 68.8 and has touched a high and low of Rs 71.5 and Rs 68.05 respectively. So far 5746974(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6175.84 crore.

The BSE group ‘A’ stock of face value Rs 5 has touched a 52 week high of Rs 73.6 on 22-Aug-2016 and a 52 week low of Rs 42.3 on 24-May-2016. Last one week high and low of the scrip stood at Rs 68 and Rs 63.05 respectively.

The promoters holding in the company stood at 82.88 % while Institutions and Non-Institutions held 13.41 % and 3.7 % respectively.

The stock is currently trading above its 50 DMA.

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