Meanwhile, the S&P BSE Sensex was down 83.90 points, or 0.43%, to 19,493.49.
On BSE, 3.94 lakh shares were traded in the counter as against an average daily volume of 1.74 lakh shares in the past one quarter.
The stock hit a low of Rs 65 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 78.10 so far during the day. The stock had hit a 52-week high of Rs 310.90 on 17 September 2012.
The stock had underperformed the market over the past one month till 1 July 2013, sliding 18.79% compared with the Sensex's 0.93% fall. The scrip had also underperformed the market in past one quarter, falling 26.85% as against Sensex's 3.78% rise.
The mid-cap company has an equity capital of Rs 462.61 crore. Face value per share is Rs 5.
According to media reports, the Empowered Group of Ministers (EGoM) on disinvestment will meet today, 2 July 2013, to decide on the floor price for selling government's stake in Hindustan Copper (HCL) through offer for sale (OFS) route on stock exchanges. The OFS is likely to hit the market on Wednesday, 3 July 2013.
The government, which currently holds 94.01% stake in HCL, is planning to sell 4.01% stake in the company. The sale would make the company complaint to the minimum 10% public holding norm of market regulator Securities and Exchange Board of India.
In November 2012, the government raised Rs 800 crore by divesting 5.16 crore shares, or 5.58% of the total paid up share capital of HCL, through the OFS route. The floor price for this OFS was fixed at Rs 155 per share.
In September 2012, the Cabinet Committee on Economic Affairs (CCEA) had approved 9.5% stake sale of HCL. The government had then decided to go ahead with only one tranche of the issue.
Hindustan Copper's net profit surged 36.9% to Rs 188.09 crore on 29.2% decline in net sales to Rs 414.68 crore in Q4 March 2013 over Q4 March 2012.
Hindustan Copper has the distinction of being India's only vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal. The Government of India holds 94.01% stake in Hindustan Copper (as per the shareholding pattern as on 31 March 2013).
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