Hindustan Copper soars over 15%

Nov 22 2012, 12:06 IST
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SummaryShares of Hindustan Copper after after government announced plans to divest 4% equity in the company.

Shares of Hindustan Copper surged by over 15 per cent on the bourses in morning trade today after the government yesterday announced plans to divest 4 per cent equity in the company.

The shares of the company opened on a bullish note and then jumped nearly 15.59 per cent to touch an early high of Rs 276.50 on the BSE.

Similar trend was seen on the National Stock Exchange where the company after opening at Rs 229, surged 15.61 per cent to a high of Rs 276.55.

The disinvestment in the company is expected to take place tomorrow.

This will be the first stake sale in any PSU in the current financial year during which the government plans to raise Rs 30,000 crore by way of disinvestment.

The government had earlier planned to offload 9.59 per cent out of its 99.59 per cent equity in Hindustan Copper. However, it has now decided to offload the copper major in two tranches.

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