Hindustan Copper in jubilant mood on bagging contracts worth Rs 18,000 crore

Hindustan Copper (HCL) is currently trading at Rs 181.80, up by 19.25 points or 11.84% from its previous closing of Rs 162.55 on the BSE.

The scrip opened at Rs 163.00 and has touched a high and low of Rs 183.40 and Rs 162.10 respectively. So far 306026 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 364.80 on 30-Dec-2010 and a 52 week low of Rs 146.25 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs 183.40 and Rs 161.00 respectively. The current market cap of the company is Rs 16704.81 crore.

The promoters holding in the company stood at 99.59% while Institutions and Non-Institutions held 0.04% and 0.37% respectively.

State-run HCL has inked pact with three Chinese companies by awarding five contracts worth Rs 1,800-crore for raising its production four-fold to 12 million tonnes over the next five years.

The company has awarded the engineering, procurement, construction (EPC) contract worth Rs 97 crore to consortium of Maheshwari Mining and Wenzhou Construction Group of China to develop Khetri mines in Rajasthan over a five-year period. HCL had invited tenders for supply and installation of ore handling system and allied excavation at Khetri. It has awarded contract of Rs 256.50-crore for development of a 1.5 MT underground mine in Jharkhand's Chapri-Sideshwar to Maheshwari Mining along with Wenzhou.

Contract worth Rs 206.34-crore for project at HCL's Surda mines in Jharkhand has been bagged by two other Chinese firms, Laiwu Steel Group Mine Construction and Sinosteel Engineering Design & Research Institute of China, which are part of a consortium. Shriram EPC is the lead member of the consortium which will supply and install winders, ore handling system and allied mines development.

A consortium led by IVRCL Infrastructures & Projects has bagged the largest contract of Rs 1,176.12 crore, for expansion of the Malanjkhand mines. The other members of the IVRCL-led consortium are MCCL of Ukraine, Teknomin Constructions Vijaywada and Davy Markham of UK. China Coal Mine Construction Group was one of the companies which had been shortlisted on basis of price bids submitted for the project.

HCL has constructed a detailed plan for development of 5 MT underground mine at Malanjkhand that will contribute the largest chunk in its bid to raise output from 3 MT to 12 MT.