Hindustan Copper share price falls 6% after weak Q1 results

Shares of Hindustan Copper tanked 6 percent in trade on August 16, after the company posted weak first quarter numbers.  At 11:35 am, Hindustan Copper stock was trading 6.69 percent lower at Rs 142.20 on the NSE.

State-owned Hindustan Copper Ltd on August 14 posted a 17.54 per cent decline in net profit to Rs 47.28 crore for the June quarter on account of higher expenses.

The company’s total income, however, increased to Rs 384.73 crore in the first quarter of the current fiscal from Rs 359.13 crore a year ago jumping nearly by 7 percent. The expenses rose to Rs 322.53 crore in the June quarter as against Rs 280.76 crore in the year-ago period. Moving ahead Copper prices will likely be volatile on weak global demand and the US dollar’s movement, though they are expected to improve by the end of 2023.

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Shareholding Pattern

Promoters i.e., the President of India has a 66.14 percent stake in the company followed by 16.18 percent stake of the public. DIIs and FIIs have the remaining 15.89 percent and 1.80 percent stake respectively.

Stock Performance

Hindustan Copper stock has given a return of 39.57 percent over the last six months. Consequently, the stock has outperformed the benchmark Nifty50 index that has given a return of 7.76 percent over the same duration.

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