Hindustan Copper fell 7.15% to Rs 65.60 at 11:26 IST on BSE as the government's two-day offer for sale for offloading a total of 4% stake in the company kicked off today, 2 August 2017.
Meanwhile, the S&P BSE Sensex was down 25.65 points, or 0.08% to 32,549.52.On the BSE, 4.85 lakh shares were traded in the counter so far, compared with average daily volumes of 1.58 lakh shares in the past one quarter. The stock had hit a high of Rs 65.85 and a low of Rs 65.25 so far during the day. The stock hit a 52-week high of Rs 74.70 on 27 July 2017. The stock hit a 52-week low of Rs 50.10 on 9 November 2016.
The stock had outperformed the market over the past one month till 1 August 2017, rising 9.28% compared with 4.34% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 7.37% as against Sensex's 8.97% rise. The scrip had also underperformed the market in past one year, rising 14.97% as against Sensex's 16.42% rise.
The mid-cap company has equity capital of Rs 462.61 crore. Face value per share is Rs 5.
Hindustan Copper's promoter, the Government of India (GoI) is selling upto 3.70 crore equity shares of the company, representing 4% stake with an additional option to sell up to 4% stake in the company in two trading sessions via offer for sale (OFS). The OFS for non-retail investors closes today, 2 August 2017 and for retail investors and non-retail investors who chose to carry forward their un-allotted bids, the OFS is taking place tomorrow, 3 August 2017. The two-day OFS is through a separate, designated window on the stock exchanges.
The GoI held 82.88% stake in Hindustan Copper as per the shareholding pattern as on 30 June 2017.
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The floor price for the OFS was fixed at Rs 64.75 per share. The announcement was made after market hours yesterday, 1 August 2017.
On the first day of the bidding for OFS today, 2 August 2017, as at 11:15 IST, bids were received for 2.89 crore shares from the non retail investors, representing a subscription of 97.82%.
Hindustan Copper's net profit spurted 6918.97% to Rs 40.71 crore on 58.4% increase in net sales to Rs 513.68 crore in Q4 March 2017 over Q4 March 2016.
Hindustan Copper is a vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal.
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