Hindustan Copper slides owing to weak results

Hindustan Copper opened in red in Aug 23 trade. Company on Aug 22 post market hours has declared its Q1FY17 results. Company in Q1FY17, has posted a net loss of 2.88 crores; in Q1FY16, company has reported a net profit of Rs 20 crores. Total Income has decreased from Rs. 246.7 crore in Q1FY16 to Rs.221.2 crore in Q1FY17. Company's total expenses were marginally higher at Rs 223.61 crore in Q1FY17 against Rs 222.19 crore in the year-ago period.Stock of the company has opened at Rs 67, down by 3.71 per cent owing to such a dwindling result.On the contrary in the last 3 months, the shares have surged by 24 per cent and in the last 6 months the scrip has given a return of 56 per cent. 52-week High/Low of the company stands at Rs 73.6/42.30.

Hindustan Copper Limited, is a public sector undertaking that manufactures copper. Company markets copper cathodes, copper wire bars, continuous cast copper rods and by-products such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid. More than 90 per cent of the sales revenue is from cathode and continuous cast copper rods. Company's mines and plants are spread across four operating units, one each in the states of Rajasthan, Madhya Pradesh, Jharkhand and Maharashtra.