Hindustan Copper jumped 5.04% to Rs 126.15 on reports that Vedanta Group is open to buying government's stake in the company.
Vedanta Group's founder Anil Agarwal told the media that the company will look to bid for buying government's stake in Hindustan Copper as and when the state-owned firm is put up for privatisation.As on 30 June 2021, the Government of India held 72.76% stake in Hindustan Copper.
State-run Hindustan Copper is India's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
The company's mines and plants are spread across five operating units, one each in the States of Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra and Gujarat.
The company's consolidated net profit rose 53.69% to Rs 45.63 crore on a 37.97% decline in net sales to Rs 267.60 crore in Q1 FY22 over Q1 FY21.
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