Shares of state-run copper producing company – Hindustan Copper – were locked in a five per cent upper circuit of Rs 157.25, also its fresh 52-week high, on Monday. The stock has rallied a whopping 83 per cent in the last six trading sessions and has advanced over 150 per cent since February 3, when it announced its December quarter earnings. Hindustan Copper stock price has been in huge demand on the back of strong December quarter earnings and rising copper prices in the international markets.
Hindustan Copper on February 2 reported that its net profit in December quarter came in at Rs 108.20 crore compared with a loss of Rs 96 crore during the year ago period. Its revenue from operations rose 477 per cent to Rs 538.42 crore from Rs 93 crore during the same quarter last year.
Meanwhile, prices of copper have been on an upswing in the international markets on the back of resumption of industrial activity after lockdowns were eased across the globe.
Copper surged to multi-year peaks. Three-month copper contract on the London Metal Exchange (LME) last traded at $9,112 a tonne.
Analysts have been bullish on Hindustan Copper after it reported strong December quarter earnings.
As of 11:12 am, Hindustan Copper were locked in upper circuit at Rs 157.25 with more than 4 lakh pending buy orders on the BSE while there were no sellers seen on the BSE.