Hindustan Copper Rises To Over One-Week High After Q1 Profit More Than Doubles

Shares of Hindustan Copper Ltd. rose to an over-one-week high on Tuesday after its profit more than doubled in the first quarter of fiscal 2024.

The copper miner's consolidated net profit surged 140.42% year-on-year to Rs 113 crore in the quarter ended June 2024, according to an exchange filing. The profit more than doubled due to operating efficiency.

During the period, operating profit increased by 103.22% year over year to Rs 189 crore. Ebitda margin surged 1,319 basis points to 38.25% from 25.06%.

The miner's topline grew 33.15% on the year to Rs 494 crore from Rs 371 crore. While total expenses grew 7.38% on the year to Rs 346.32 crore during the quarter ended in June 2024.

Shares of Hindustan Copper rose 5.53% to Rs 319.50, the highest level since Aug. 1. It pared gains to trade 3.19% higher at Rs 312.40 as of 10:34 a.m., compared to 0.22% decline in the NSE Nifty index.

The stock gained 105.94% in 12 months, and 14.6% on year to date basis. Total traded volume so far in the day stood at 4.0 times its 30-day average. The relative strength index was at 49.65.

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