Hindustan Copper gains 5% on strong numbers, fund raising plan

Iron & Steel | Imports from China, 2019: 4 percent. (Image: Moneycontrol)

Shares of Hindustan Copper added 5.2 percent intraday Thursday on fund raising plan and strong fourth quarter numbers.

The company's net profit has increased to Rs 40.8 crore in the quarter ended March 2017 against Rs 0.6 crore in the same quarter last fiscal.

Revenue of the company was up 61.3 percent at Rs 571.8 crore against Rs 354.4 crore.

The operating profit (EBITDA) was up 158 percent at Rs 63 crore and EBITDA margin was up 410 bps at 11 percent.

The company in its meeting held on May 17, has recommended issue of fresh equity shares through Further Public Offer (FPO) or Institutional Placement Programme (IIP) or Qualified Institutional Placement (QIP) or a combination of all to the extent of 9.25 crore equity shares (10 percent of equity).

The board has recommended payment of dividend for financial year 2016-17 at 20 paise per share for approval of shareholders in the forthcoming Annual General Meeting (AGM) of the company.

At 09:50 hrs Hindustan Copper was quoting at Rs 68.75, up Rs 2, or 3 percent on the BSE.