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Last Updated : Oct 30, 2020 10:00 AM IST | Source: Moneycontrol.com

Hindustan Copper shares gain 2% as board approves raising Rs 2,500 crore via debt

The Board recommended seeking shareholders' approval for fixing of upper limit of borrowing not exceeding Rs 2,500 crore for all types of borrowings/ loans including bonds across various products, together with interest and creation of security/charge on assets of the Company, it said.

 
 
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Hindustan Copper share price gained over 2 percent intraday on October 30 after the company board approved raising up to Rs 2,500 crore via debt.

The Board recommended seeking shareholders' approval for fixing of the upper limit of borrowing not exceeding Rs 2,500 crore for all types of borrowings/ loans including bonds across various products, together with interest and creation of security/charge on assets of the company and revalidation of shareholders' approval for issuance of securities through Qualified Institutional Placement (QIP) up to 15 percent of existing paid up equity capital of the Company, the company said in an exchange filing.

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The stock was trading at Rs 33.90, up Rs 0.90, or 2.73 percent at 09:41 hours. It has touched an intraday high of Rs 35.00 and an intraday low of Rs 33.30.

The company reported a consolidated net profit at Rs 29.69 crore for Q1, up 40.11 percent from Rs 21.19 crore in Q1 FY20. The net profit margin in Q 1FY21 came in at 6.88 percent against 6.97 percent in the previous quarter.

The consolidated net revenue of Hindustan Copper stood at Rs 431.43 crore, which spiked 41.89 percent YoY from Rs 304.07 crore in Q1FY20. Its EBITDA stood at Rs 86.42 crore in Q1FY21, a fall of 7.35 percent YoY.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with increasing revenue every quarter for the past 2 quarters.

However, Moneycontrol technical rating is neutral with moving averages being bearish and technical indicators being neutral.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​​
First Published on Oct 30, 2020 10:00 am
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