Hindustan Copper has declared its fourth quarter results. Shakeel Ahmed, chairman and managing director says, the company would be raising about Rs 250 crore through ECB next year.
Speaking to CNBC TV18, Shakeel Ahmed, chairman and managing director, Hindustan Copper said, despite increased concentrate we could not convert it into sellable refined copper resulting in some temporary setback to our sales performance.
Hindustan Copper announced its first quarter results. The company's Q1 net profit was up 132% at Rs 60.4 crore versus Rs 26 crore and net sales were up 19% at Rs 269 crore versus Rs 226 crore. Hindustan Copper’s chairman and managing director, Shakeel Ahmed told CNBC-TV18 that they don’t look to raise funds through a follow on public offer (FPO).
State-run Hindustan Copper may not sell new shares in a planned follow-on public offer as soaring copper prices have left the company with strong cash reserves and no immediate need to raise funds.
Hindustan Copper Ltd (HCL) has reported their Q4 results for FY11. They posted a 33.54% drop in their net profit at Rs 61 crore as compared to Rs 91 crore last year same period. Their topline decreased to Rs 285 crore as against Rs 408 crore.
Shakeel Ahmed, CMD of Hindustan Copper, in an interview with Latha Venkatesh and Gautam Broker, spoke about the recent happenings in his company and the road ahead.
Hindustan Copper’s follow- on public offer (FPO), which was expected to come out in FY12, may get delayed further. Speaking to CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee, the company's CMD Shakeel Ahmed said, there is still no clarity on the timing for the FPO.