The share price of state-run Hindustan Copper rallied over 8 percent in the early trade on Friday after the company reported a sharp jump in net profit for the quarter ended June 2020.
The stock gained as much as 8.34 percent to an intraday high of Rs 38.30 apiece on the BSE. At 9:55 am, the shares were trading 5.80 percent higher at Rs 37.40.
The stock price of Hindustan Copper has surged over 109 percent from its 52-week low of Rs 18.30 hit on March 25, 2020.
The company posted a standalone net profit of Rs 29.4 crore in Q1FY21, a rise of 40 percent from Rs 21.2 crore in the year-ago period.
Revenue during the quarter increased 41.9 percent to Rs 431.4 crore from Rs 304.1 crore, YoY.
However, EBITDA fell 7.4 percent to Rs 86.4 crore from Rs 93.3 crore while the EBITDA margin contracted to 20 percent from 30.7 percent, YoY.
In a separate regulatory filing, the company said that due to paucity of time, its board could not deliberate on various proposals, including raising of up to Rs 200 crore via preference shares.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM