The public sector unit agrees to sell 60 percent of its copper concentrate to Hindalco in a long-term supply arrangement
The company reported a consolidated net profit of Rs 29.69 crore, up 40.11 percent from Rs 21.19 crore clocked in the previous quarter.
The consolidated income of the company during January-March period of 2019-20 dropped to Rs 166.47 crore from Rs 475.09 crore in the year-ago period, the filing said.
Copper prices have crossed their end-February lows in a marked contrast to the dim outlook for economic growth
The approval was granted during the board meeting held on Monday, Hindustan Copper said in a filing to BSE.
It has been stated that though expansion projects in revised estimate (RE) stage, the target has been retained at Rs 402 crore, however, the same amount of expenditure may not be achieved due to delay in awarding of some of the tenders related to mine expansion, it said.
The stock witnessed spurt in volume by more than 1.06 times and was trading with volumes of 85,713 shares, compared to its five day average of 66,811 shares, an increase of 28.29 percent.
A mining engineer graduate of 1985 batch from Indian School of Mines, Dhanbad, and M.Tech in Environmental Engineering, Shukla has a vast experience in the Indian mining industry.
Hindustan Copper Ltd is the vertically integrated copper producing company that manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
The board will consider a proposal for raising borrowing limit of the company from consortium/other banks from existing Rs 650 crore to Rs 850 crore by way of cash credit/working capital arrangements, etc, the PSU said in filing to the BSE.
Positive global cues helped Indian markets climb crucial resistance levels for the week ended September 14, but the big move was seen in the small & midcaps space.
Hindustan Copper Ltd (HCL) is a public sector undertaking under the administrative control of the Ministry of Mines.
Hindustan Copper is set to switch production from its open-cast mine to an underground mine, which would boost output.
The company had posted a profit of Rs 28.55 crore in the year-ago period.
The current mine expansion plan of the Hindustan Copper, it said, has been enhanced from 12.4 MTPA to 20 MTPA.
During the quarter, the output of Hindustan Copper (HCL) and Hindalco was also restrained due to shutdown of their smelters for maintenance purposes.
The company earlier this month had also announced its plans to spend Rs 5,500 crore to expand its production capacity by six times from 3.6 million tonne per annum (mtpa) at present to 20 mtpa by FY24.
The company had posted a standalone profit of Rs 10.21 crore in the year-ago period, Hindustan Copper said in a filing to BSE. The profit for the period is from continuing and discontinued operations after tax.
The Cabinet Committee on Economic Affairs (CCEA) today approved the proposal of HCL to issue fresh equity of 15 percent.
Hindustan Copper's board had earlier approved a proposal to raise up to Rs 1,400 crore by issuing equity shares through QIP.
Chhattisgarh Copper has become a subsidiary of Hindustan Copper and the shareholding pattern between HCL and CMDC is in the ratio of 74 per cent and 26 per cent, Hindustan Copper said in a regulatory filing.