Hindustan Copper Q2 net down 6% at Rs 43.70 crore
New Delhi: State-run Hindustan Copper on Monday reported a six percent decline in its net profit at Rs 43.70 crore for the quarter ended September 2012 compared to the corresponding period in the previous fiscal.
The copper major had posted a profit of Rs 46.46 crore in the July-September quarter of the last fiscal.
Total income of the PSU during the quarter increased to Rs 283.40 crore from Rs 269.98 crore in the year-ago period.
During the first six months of the current fiscal, the net profit of the copper producer fell by 14.18 percent to Rs 91.71 crore from Rs 106.87 crore in the corresponding period of 2011-12.
Total income during the April-September period rose to Rs 597.16 crore from Rs 539.69 crore in the period last fiscal.
The company's stock closed the day at Rs 261.25 a scrip, down by 2.70 percent against the previous close.
The government is likely to sell stake in Hindustan Copper through auction route on November 21.
On September 14, the government had approved disinvestment of 9.59 percent equity of the company through an offer for sale of shares through stock exchanges.
Post disinvestment, the government's shareholding would come down to 90 percent in the company, whose paid up capital was Rs 462.61 crore as on March, 2012.