Shares of this Miniratna stock fell up to 9 percent on Wednesday post the release of financial results for the quarter ended June 2023. The company has a market capitalization of Rs 13,900 crores.
The stocks of Hindustan Copper Limited opened their trading hour on Wednesday at Rs 145 and currently trade at Rs 143.90. The company’s stock witnessed an intra-day low price of Rs 138.35 indicating a fall of around 9 percent as compared to the previous closing levels of Rs 152.40 apiece.
The company’s share witnessed a fall in its price after it released the financial results for the quarter ended June 2023 via a regulatory filing with the Bombay Stock Exchange (BSE) dated 14th August 2023.
On a quarterly basis, the company’s basic business indicators such as the operating revenues and net profits fell with the former taking a shift down from Rs 560 crores during Q4FY22-23 to Rs 371 crores during Q1FY23-24, and, the latter moving down from Rs 132 crores to Rs 47 crores representing a downfall of approximately 64 percent.
In addition, the company, YoY, showed opposing movements in the metrics mentioned above with the operating revenues, on one hand, increasing from Rs 348 crores during June 2022 to Rs 371 crores during June 2023, and, the net profits, on the other hand, going down from Rs 57 crores to Rs 47 crores.
As per the shareholding data available for the quarter ended June 2023, the company’s Promoter, i.e., the President of India, holds a 66.14 percent stake followed by the Retail Investors holding a 16.18 percent stake in the company.
With operations only in India, Hindustan Copper Limited is engaged in the business of exploration and mining of copper and copper ore including smelting, and refining processes. The company’s product portfolio comprises copper cathodes, copper sulphate, cast copper wire rods, etc.
Written by Amit Madnani
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