Shares in Hindustan Copper jumped on Friday after a report that three Chinese firms had bagged contracts worth nearly $105 million to boost its production.
Shares in the Kolkata-based firm closed 14.58 per cent higher at Rs 186.25 at the Bombay Stock Exchange following the report in a leading business daily.
Chinese firms are already building steel plants in India, but this is their first move in helping to develop copper mines, the daily added.
Officials at state-run Hindustan Copper were not immediately available for comment when contacted by AFP.
Shakeel Ahmed, chairman and managing director of Hindustan Copper, was quoted as telling the the daily: "The contracts were awarded through a transparent two-stage bidding."
The contracts are expected to help boost production at country’s only copper mining firm four-fold to 12 million tonnes over the next five years, the report said.
Wenzhou Construction Group of China and India's Maheshwari Mining bagged an engineering and construction contract worth $18.3 million to develop mines in Rajasthan.
Two other Chinese mining firms, Laiwu Steel Group and Sinosteel Engineering Design and Research Institute, won a $39 million project at HCL's Surda mines in Jharkhand.
Wenzhou and Maheshwari Mining have also got a $48 million contract to develop an underground mine, also Jharkhand.
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