Commodities
Hindustan Copper Slumps as Govt Announces Up to 6% Stake Sale
Hindustan Copper shares plummeted by 7% in early morning trade on Tuesday as the government announced its plan to sell up to 6% stake through an offer for sale (OFS).
The floor price set by the government is ₹514 per share, which represents a 10.4% discount from Hindustan Copper's previous close of ₹574.15 on the NSE.
The OFS opened for non-retail investors today, while retail investors can bid on August 26 (Wednesday).
Gaurav Sharma, vice president & HoR at Globe Capital, expressed his bullishness on Hindustan Copper and other metal stocks. He believes that the offer price is at a significant discount, providing an attractive entry opportunity for new investors.