Buy Hindustan Copper, target price Rs 44: Edelweiss

Edelweiss has given a buy rating to Hindustan Copper with a target price of Rs 44. The share price moved up by 1.16 per cent from its previous close of Rs 38.65. The stock’s last traded price is Rs 39.10.

Hindustan Copper Ltd., incorporated in the year 1967, is a Mid Cap company (having a market cap of Rs 3640.73 Crore) operating in Metals - Non Ferrous sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 294.67 Crore, down 31.70 % from last quarter Sales of Rs 431.43 Crore and up 2.44 % from last year same quarter Sales of Rs 287.65 Crore Company reported net profit after tax of Rs 9.12 Crore in latest quarter.


Investment Rationale
The stock is making the inverse Head and Shoulder pattern on the weekly chart and daily chart showing completion of base formation and is likely to move higher. Smallcap metal equal weighted index is showing good momentum.