Hindustan Copper Shares Rise 1% as Board to Weigh Rs 500-Crore Bond Plan on 27th May
Shares of Hindustan Copper Ltd rose 1% to touch a day’s high of Rs 228.75 on 23rd May after the firm yesterday (22nd May) said it will consider raising to Rs 500 crore through the issuance of non-convertible debentures (NCDs) or bonds on a private placement basis, at its upcoming board meeting scheduled for 27th May.
The fundraising plan will involve secured or unsecured NCDs/bonds and require shareholder approval.
EBITDA margin jumped over 600 basis points year-over-year to 39.95% in the March quarter, thanks to a significant cost reduction.
Employee and power & fuel costs fell by 21% each, while other expenses dropped by 4%, aiding operating performance.
However, net profit declined 6% year-over-year to Rs 124.8 crore, impacted by a 62% fall in other income, while revenue stayed flat at Rs 565 crore.
As of March 2024, the government holds 66.14% of Hindustan Copper, followed by LIC (6.88%), foreign institutions (3.13%), and Quant Mutual Fund (2.38%).
At 10:54 AM, the shares of Hindustan Copper were trading 0.68% higher at Rs 228 on NSE.
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