Hindustan Copper jumped 13.52% to Rs 271.55 at
10:05 IST on BSE, reversing intraday slide, after the government said it
would pare its stake in the state-run copper miner through the offer
for sale mechanism.
Meanwhile, the BSE Sensex was up 51.52 points or 0.28% to 18,511.90
On BSE, 7.86 lakh shares were traded in the counter as against average daily volume of 1.04 lakh shares in the past one quarter.
The stock had dropped as much as 7.19% at the day's low of Rs 222 in early trade. The stock hit a high of Rs 276.50 so far during the day. The stock had hit a 52-week high of Rs 320 on 2 February 2012. The stock had hit a 52-week low of Rs 146.25 on 20 December 2011.
The stock underperformed the market over the past one month till 21 November 2012, falling 7.59% compared with the Sensex's 1.19% fall. The scrip had also underperformed the market in past one quarter, sliding 8.95% as against Sensex's 3.22% rise.
The large-cap vertically integrated copper producer has equity capital of Rs 462.61 crore. Face value per share is Rs 5.
The Government of India (GoI) after trading hours on Wednesday, 21 November 2012, said it has decided to sell 3.7 crore shares, with an option to sell additional 5.17 crore shares collectively aggregating to approximately 9.59% of the paid up equity of Hindustan Copper through the Offer for Sale (OFS) mechanism through the separate window provided by the stock exchanges for this purpose. The OFS will take place from 09:15 IST to 15:30 IST tomorrow, 23 November 2012. GoI will announce the floor price for the OFS after trading hours today, 22 November 2012. GoI owned 99.59% stake in Hindustan Copper as per the shareholding pattern as on 30 September 2012.
Hindustan Copper's net profit fell 5.9% to Rs 43.70 crore on 5.1% growth in net sales to Rs 283.29 crore in Q2 September 2012 over Q2 September 2011.
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