Hindustan Copper rises over 5% amid talk of stake sale
Brokers said few operators have taken position on expectations that the government will announce an offer-for-sale through exchanges at Rs 325-350 per share.
By Shailesh Menon, ET Bureau | Updated:
Hindustan Copper rose over 5% on Thursday amid speculation the company's shares will be the first to be sold among public sector companies through the recently-introduced auction system.
Brokers said few operators have taken position in the stock on expectations that the government will announce an offer-for-sale through exchanges at Rs 325-350 per share.
Others believe such expectations are far-fetched as the company's current valuations are steep. As per ETIG database, the government holds 99.5% stake in Hindustan Copper.
Another rumour floating around is that Hindustan Copper has given contracts worth Rs 2000 crore to a consortium of three Chinese companies to expand its production capacity.
Shares of Hindustan Copper gained Rs 13.50 to close at Rs 266.75 on Thursday.
Brokers said few operators have taken position in the stock on expectations that the government will announce an offer-for-sale through exchanges at Rs 325-350 per share.
Others believe such expectations are far-fetched as the company's current valuations are steep. As per ETIG database, the government holds 99.5% stake in Hindustan Copper.
Another rumour floating around is that Hindustan Copper has given contracts worth Rs 2000 crore to a consortium of three Chinese companies to expand its production capacity.
Shares of Hindustan Copper gained Rs 13.50 to close at Rs 266.75 on Thursday.
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