Apr 6: Hindustan Copper Ltd (BSE: 513599) has gained 6% in noon trade in BSE at Rs 72 on positive demand growth for copper forecasted by analysts. The scrip had recently fallen from a high of 74 to 62 and now has rebounded. Cubex Tubings Ltd (BSE526027) has gained nearly 5% and rebounding from recent low of 18.40 at Rs 20.15.
According to rating agency ICRA, the scope of increasing copper production in India is limited as the refiners are already running their plants at high capaxity utilisation levels. India may turn into a net importer of copper by the end of 2019-20, if the demand growth continues.
In Q3FY18, Hindustan Copper reported 12.15% growth in net proifit at Rs 18.92 cr while sales rose nearly 100% to Rs 440.14 cr. It is currently trading at a PE of 67.66.
Cubex Tubings had reported 475% growth in Q3FY18 net profit at Rs 0.08 cr and sales growth of 20.88% at Rs 12.86 cr. It is trading at a high PE of 67.