Shares of state-run copper manufacturing company - Hindustan Copper - rose as much as 11.46 per cent to hit an intraday high of Rs 133.70 after news agency Press Trust of India reported that billionaire Anil Agarwal-led Vedanta Group is planning to buy government's stake in the company as and when it is put up for disinvestment. "Yes we are looking (at) Hindustan Copper. We are doing the due diligence... the dates have not come... as soon as they announce the date, things will be much more exciting and people will start believing that the process is going on in India," Mr Agarwal said according to the PTI report.
Following the news development, Hindustan Copper shares came in high demand and there was a spurt in volumes on the BSE and National Stock Exchange. A total of 10.35 lakh shares changed hands on the BSE compared with an average of 5.29 lakh shares traded daily in the past two weeks. On the National Stock Exchange, over 2 crore, shares changed hands by 10:42 am.
Hindustan Copper is the India's only vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal. The company has five mines and plants namely Khetri Copper Complex (KCC) at Khetrinagar, Rajasthan, Indian Copper Complex (ICC) at Ghatsila, Jharkhand, Malanjkhand Copper Project (MCP) at Malanjkhand, Madhya Pradesh, Taloja Copper Project (TCP) at Taloja, Maharashtra and Gujarat Copper Project (GCP) at Jhagadia, Gujarat.
Hindustan Copper shares have more than doubled so far this year from low of Rs 61.15 on December 31, massively outperforming the Sensex which has advanced 26 per cent.
As of 10:43 am, Hindustan Copper traded 9.63 per cent higher at Rs 131.50 outperforming the Sensex which was trading on a flat note.
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