Hindustan Copper share price surged by more than 4 per cent in today’s trading session. The share price is currently trading at Rs 64.60, up by 4.87 per cent.
The state-owned Hindustan Copper Ltd (HCL) plans a capital expenditure of Rs 380 crores in the running financial year to fund its various programmes. The company is likely to produce 30,000 tonne of copper wire rod during this period, according to a memorandum of understanding (MoU) document signed between Hindustan Copper and the ministry of mines for 2016 to 17.
In a document posted on the mines ministry’s website the production of copper wire rod is projected to remain at 30,000 tonnes in financial year 2016 to 17 compared with 26,062 tonnes in financial year 2015 to 16. The borrowings of the company may remain at Rs 307.15 crores, while the net worth of the company during the current financial year is projected at Rs 909 crores.
The net revenue from various operations during the current financial year is projected somewhere at Rs 1,305 crores compared with Rs 971.11 crores during the last financial year. Its net profit is also likely to improve at Rs 53.17 crores compared with Rs 43.56 crores achieved during financial year 2015 to 16.
The company currently produces about 4 million tonnes (MT) of copper ore which caters to 3 to 4 per cent of the overall domestic demand. However, it further plans to increase production to 12.4 MT in the next five years.
Hindustan Copper share price opened at Rs 62.80 from a previous closing of Rs 61.60. A total of 40,46,932 shares of the company have been traded on NSE aggregating to a total value of Rs 2,614.32 lacs.
Get the important support and resistance levels of the share at Hindustan Copper share price forecast.
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