Institutional investors put in bids worth Rs 327 crore for the government stake in Hindustan Copper Ltd (HCL).
The government will sell 3,70,08,720 equity shares (4 percent) of the company through a two days offer-for-sale (OFS) which is beginning today, with an option to sell similar number of shares incase it gets oversubscribe.
The sale of 4 percent stake or over 3.70 crore shares at Rs 64.75 apiece would fetch about Rs 240 crore to the exchequer.
The 50th annual general meeting of the company will be held on August 22 at the registered office of the company.
Ambuja Cements | HUDCO | L&T Infotech | Patel Engineering | Triveni Engineering | Tilaknagar Industries | Ratnamani Metals | Hindustan Copper and IG Petro are stocks, which are in news today.
Bajaj Auto | Laurus Labs | M&M | Bhushan Steel | SPARC | Deccan Cement are stocks, which are in news today.
Revenue of the company was up 61.3 percent at Rs 571.8 crore against Rs 354.4 crore.
Mehraboon Irani of Nirmal Bang Securities is of the view that one can bet on Hindustan Zinc, Hindustan Copper and Vedanta.
The amount raised through Initial Public Offers, Follow- on Public Offers, Offer For Sale and Qualified Institutional Placement was Rs 48,991 crore last fiscal.
Ruchit Jain of Angel Broking is of the view that one may buy Bajaj Auto with a target of Rs 2950.
Overall, the government sold 1.11 crore shares through the OFS route at a floor price of Rs 1,498. "The issue has been over-subscribed by 260 percent. The likely receipt to the Government of India from BEL OFS is Rs 1,670 crore," the finance ministry said.
According to Sumeet Jain of Destimoney Securities, one may buy Marico with a target of Rs 289.
"The response to recent disinvestment offers has been very good. It seems the disinvestment target for the current fiscal may be exceeded," one of the officials said.
The company had posted standalone net profit of Rs 8.3 crore in the year-ago period, Hindustan Copper Ltd said in a filing to BSE.
Ashwani Gujral of ashwanigujral.com recommends buying Ramkrishna Forgings, Gayatri Projects and Hindustan Copper.
Ashwani Gujral of ashwanigujral.com recommends buying Dredging Corp, Zee Entertainment and Hindustan Copper.
Focus in 2017-18 may move to strategic sale of significant government equity in loss making units; NITI Aayog preparing list of unlisted state-owned companies that may qualify for strategic sale
Rajat Bose of rajatkbose.com is of the view that one can buy Bajaj Auto, V-Guard Industries and Hindustan Copper.
Ashwani Gujral of ashwanigujral.com suggests buying Escorts, BEML and Bharat Electronics.
According to Mitesh Thacker of miteshthacker.com, one may buy Tata Communications and Hindustan Copper.
Mitesh Thacker of miteshthacker.com suggests buying Cummins India and NBCC and advises selling Glenmark Pharma.
SP Tulsian of sptulsian.com, talks about why he is bullish on Hindustan Zinc and other non-ferrous metal stocks. He also gives his views on the non-banking financial companies (NBFC).
The company had posted a standalone net profit after tax of Rs 7.6 crore in the corresponding quarter of the previous fiscal, Hindustan Copper said in a BSE filing.
Ashish Kyal of Waves Strategy Advisors is of the view that one can buy Vedanta with a target of Rs 258 and Engineers India with a target of Rs 326.
Ashish Kyal of Waves Strategy Advisors advises buying MMTC with a target of Rs 60.