Shares of Hindustan Copper have zoomed about 50% in just four trading sessions from 1 November till Monday, 6 November. The stock of Hindustan Copper rose as much as 20% on Monday to hit a fresh 52-week high of Rs 104.1 on NSE. Since 1 November, the stock has witnessed a huge appreciation of 49.89% to the 52-week high price. The stock has been trading high on volumes, as at 2.50 am more than 4.85 crore shares of Hindustan Copper have exchanged hands on both BSE and NSE, with about 4.1 crore shares on NSE alone. The market capitalisation of Hindustan Copper was Rs 9,418.72 crore according to the latest price available of Rs 101.8 per equity share on BSE.
Earlier in August 2017, the government of India has disinvested 6.83% stake in Hindustan Copper to raise around Rs 400 crore. The floor price for the share sale was fixed at Rs 64.75 per equity share and retail investors were offered discount of 5% on the cut off price for the non-retail category
The government of India has an ambitious target to earn Rs 72,500 crore in the current financial year 2017-18 through stake sale in state-run companies. So far this financial year, the government has sold equity stakes in Cochin Shipyard, HUDCO, L&T (held through SUUTI) and Dredging Corporation, among others. This fiscal, the government seeks to sell 10% equity stake each in three major state-run railway companies IRCTC, Ircon and IRFC via IPOs. In February, SUUTI sold 2% from its 11.7% equity stake held in the tobacco major ITC Ltd in a block deal for reportedly Rs 6,700 crore.
Meanwhile, Indian stock markets hit yet another record highs on Monday after a weak opening ahead of some major corporate earnings this week and GST Council Meeting on 10 November. BSE Sensex gained 24.59 points to open at 33,710.15 points while NSE Nifty lost 20.75 points to begin at 10,431.75 points. The benchmark Sensex advanced 162.86 points to hit a fresh record high of 33,848.42 points whereas broader Nifty rose 37.95 points to mark the all-time high of 10,490.45 points.