Hindustan Copper Shares Rise on 81% Revenue Growth and Double Operating Income
Hindustan Copper Ltd., a PSU stock, saw its shares gain after announcing its June quarter results. The company's net profit for the period rose to ₹353 crore, more than doubling from ₹134 crore in the same quarter last year.
The revenue for the quarter reached ₹936.5 crore, marking an 81.4% growth from ₹516.4 crore in the previous year. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹507.5 crore, more than double the ₹212.3 crore reported last year.
The global copper market saw prices come off six straight weeks of gains fueled by tight supplies and easing concerns about an interest rate hike in the US after last Friday's jobs report. Copper prices globally crossed the $14,000 a tonne mark last week to reach their highest intraday level since late-January.